BGB Price Eyes Breakout As Bitget Concludes 800M Token Burn, What’s Next?

The leading crypto exchange Bitget achieved a monumental feat on Monday in supporting BGB price, bolstering the crypto’s tokenomics. Notably, recent on-chain data indicated that the crypto exchange concluded its 800 million Bitget token burn saga, sparking optimism over its price as the supply takes a massive hit. As a response, market enthusiasts are now anticipating a breakout in the Bitget token’s price ahead amid recent community developments.

BGB Price Eyes Gains As 800M Token Burn Concludes

According to recent data by on-chain tracker @ai_9684xtpa on X, five multi-sig wallet addresses related to Bitget were recorded to have aided in achieving the massive burn saga. Per data by Arkham, some of these addresses were – (0x2dd), (0xe36), and (0x255).

On December 30, these addresses collectively burned 800M BGB, worth $5.2 billion. Overall, this massive burn indicates that the supply has reduced significantly, sparking optimism over the asset’s price in light of the law of supply and demand.

Notably, CoinGape previously reported that this massive burn comes in line with the new Bitget Token white paper. The crypto exchange aims to bolster its coin’s tokenomics with the 800M token burn, equivalent to 40% of the crypto’s total supply. In response, crypto market participants expect phenomenal gains in BGB price ahead.

How Is The Crypto Delivering In The Market?

Despite the massive burn, BGB price tanked nearly 14% intraday and is currently sitting at $6.40. Its 24-hour low and high were $6 and $7.19, respectively. The waning price action aligns with the broader market’s recent volatile trend. Nevertheless, it’s noteworthy that the weekly charts indicated gains worth 56%. This broader bullish momentum has fueled speculations of further gains as the supply takes a huge blow.

Simultaneously, CoinGape spotlighted another saga that poured additional optimism into the crypto’s future movements. Bitget recently merged BWB and BGB coins, creating a more unified token for its ecosystem. This chronicle has added to market optimism surrounding the asset, underscoring the potential for further gains with revolutionized tokenomics. Market watchers remain bullish on BGB price ahead, expecting remarkable gains by next year in light of the abovementioned developments.