BGB Price Rockets 20% As Bitget Reveals 800M Token Burn Plan, What’s Next?
Crypto exchange Bitget’s BGB token has emerged as the talk of the crypto town recently, defying broader market trends with a price rally. On Friday, BGB price witnessed an over 20% uptick as the crypto exchange revealed an 800 million token burn plan to bolster the coin’s tokenomics. As a response, market watchers are now extensively eyeing the crypto optimistically, awaiting further gains in light of recent community developments.
BGB Price Bullish As Team Reveals New White Paper Bolstering Tokenomics
In an official Bitget announcement, the crypto exchange revealed a new version of the BGB white paper, sparking optimistic market discussions globally. As per the announcement, 800 million BGB, which is currently held by the core team, will be burned in one go. This massive burn marks the destruction of nearly 40% of the crypto’s total supply.
The total value burned exceeds over $5 billion at the time of reporting. In turn, market enthusiasts expect phenomenal gains in the asset’s price ahead, abiding by the law of supply and demand. For context, the token burn mechanism permanently reduces an asset’s circulating supply by transferring it to a null address.
Intriguingly, another popular crypto that showcases a similar tokenomics-bolstering effect is Shiba Inu. CoinGape reported the meme coin to be leveraging constant SHIB burns, projecting bullishness over its future price movements.
Similarly, in light of Bitget’s massive token burn plan, even BGB price remains optimistically eyed by crypto market participants. Also, the new white paper revealed that the total supply of the token will be reduced to 1.2 billion, while 100% of it will be fully circulated. Notably, the crypto’s team will repurchase and burn the Bitget token at ‘20% of the quarterly profits of the exchange and wallet business starting in 2025.’ This endeavor is expected to further bolster the coin’s tokenomics, fueling a bullish impact on price.
Intriguingly, amid the new white paper saga, on-chain data provider EmberCN spotlighted on X, a unique address that may be used for the 800 million token burn chronicle. Per EmberCN, the address 0x85CF1.., which currently holds 564 million BGB (28.2 %), may be used for the massive burn. Market watchers continue to monitor the exchange’s on-chain movements amid such ecosystem developments.
Bitget Token Soars Over 20%
At the time of reporting, BGB price rocketed nearly 22% intraday and is currently trading at $8.39. Its intraday low and high were $6.78 and $8.49, respectively. Notably, the coin took a bullish intraday trajectory, aligning with the abovementioned optimistic announcement.
Besides, it’s also worth mentioning that recent community developments have further immersed the coin in a bullish bubble. The crypto exchange recently revealed that it is merging Bitget Wallet Token (BWB) with BGB in an effort to revolutionize the ecosystem. This announcement has, in turn, reverberated optimism for the crypto project globally.
Meanwhile, the exchange also announced that BGB will become the primary token for multi-chain gas fee payments via its GetGas feature starting January 2025. This offering has further garnered significant attention to the firm and its native token across the broader industry.
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