Bitget Burns 800M BGB Tokens, Reducing Total Supply From 2B to 1.2B

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As a seasoned crypto investor with over a decade of experience in this dynamic market, I can confidently say that the recent token burn by Bitget is a game-changer for their native token, BGB. Having witnessed numerous exchange token burns, I can attest to the fact that such events often signal strong intentions from the team and contribute significantly to the growth of the token’s utility and value.

The 800 million BGB token burn, equivalent to a staggering $5 billion in market value, is an impressive step towards strengthening the BGB ecosystem. The fact that this burn comes with a substantial contribution from the core team’s holdings further solidifies their commitment to the community. This strategic move, if executed effectively, could potentially position BGB as a strong contender in the altseason rally anticipated for 2025.

Moreover, the planned integration of BGB with Bitget Pay and Bitget Card, along with potential partnerships with other PayFi companies, promises to enhance the token’s utility and mainstream adoption. With over 45 million global users on Bitget exchange and more than 60 million customers in the Bitget wallet, BGB is poised for significant growth.

In terms of market impact, the recent surge in BGB price, up by over 300 percent in the past four weeks, is a testament to the growing confidence in this mid-cap altcoin. With a fully diluted valuation of about $12.7 billion and a daily trading volume of around $9.4 million, BGB has proven to be a top performer in the crypto market.

As I always say, investing in crypto is like navigating through a roller coaster ride—it’s thrilling, unpredictable, and sometimes scary, but the adrenaline rush is worth it! So buckle up, folks, because this could be just the beginning for BGB!

And to lighten the mood, let me share a joke: Why don’t we ever trust atoms at a party? Because they make up everything and can split up in the blink of an eye!

The well-known cryptocurrency trading platform, Bitget, which boasts a large number of global users and high daily trading volume, has unveiled the initial destruction of their native token, BGB.

As a crypto investor, I’m thrilled to share that Bitget has executed a significant move by burning 800 million BGB tokens, reducing the total supply to approximately 1.2 billion today. This burn, valued at around $5 billion based on the current market value of BGB, is set to significantly increase the value and scarcity of the circulating BGB tokens remaining in the market.

To boost the power of the BGB token during the projected altseason rally in 2025, Bitget plans to allocate 20% of its earnings from each quarter’s operations towards buying back and destroying BGB tokens. This move is designed to increase the value of the BGB token for its holders, much like Binance Holdings does with its BNB quarterly burns.

Approximately 19% of the core team’s BGB tokens, as well as 21% from the existing circulating supply and extra reserves held by the core team, were destroyed today, amounting to a total of 800 million BGB tokens.

Gracy Chen, CEO at Bitget, emphasized that the first round of funding, which includes a significant investment from the core team, demonstrates our confidence in achieving success while prioritizing the needs of our community. By decreasing the total supply, BGB represents the establishment of a more robust and adaptable ecosystem that advantages all parties involved,” Gracy Chen explained.

The strategy aims at boosting the widespread use of BGB tokens within the Web3 community. Furthermore, the Bitget team plans to connect the BGB token with Bitget Pay and Bitget Card, and subsequently collaborate with additional PayFi firms to broaden the token’s overall functionality.

Market Impact of the BGB Token Burn by Bitget

A couple of days following the announcement of the merger between Bitget Wallet Token (BWB) and BGB by the cryptocurrency exchange, the initial BGB token burn occurred. This move is intended to improve user experience. Consequently, the BGB token could potentially see rapid growth, as it’s now the exclusive financial tool within the Bitget ecosystem.

Boasting over 45 million users worldwide on its exchange and more than 60 million wallet customers, the BGB token stands primed for increased mainstream acceptance due to its extensive user base. Moreover, possessing a BGB token grants benefits such as reduced trading fees and access to incentives from new projects being launched.

This mid-sized cryptocurrency (altcoin), valued at approximately $12.7 billion when all potential shares are considered, and with a daily trading volume of around $9.4 million, has been a standout performer in the current market. Over the last four weeks, its price has experienced a significant surge of over 300%, reaching around $6.38 during the New York trading hours on Monday.

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2024-12-30 23:12