Sign Up on MEXC
Highlights
- Bitget reveals a new version of BGB white paper, revealing plans to burn 800M tokens.
- The massive blow to the token's supply is expected to generate a bullish impact on price.
- BGB price rockets over 20%, with further gains expected in light of the token burn announcement.
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 coins, 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.., reported to currently hold 564 million BGB coins (28.2 %), may be used for the massive burn chronicle. In turn, 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.
- SEC’s Paul Atkins Pushes for On-Chain Capital Raising Without Uncertainty
- SEC Delays Decision On Staking For BlackRock’s Ethereum ETF
- SEC Delays Decision on Franklin Templeton’s Solana and XRP ETFs
- BNB Hits New ATH As Binance Partners With $1.6T Franklin Templeton
- Crypto Market, S&P 500 Rally as PPI Data Fuels Rate Cut Hopes
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
