CandleFocus Bitget Token Soars 15% as Bitget Plans to Burn 40% of Coin’s Total Supply
2024-12-27
Author: Content Editor
The native utility token of Bitget, BGB, has experienced a surge in value after the release of an updated whitepaper detailing the token's burn mechanism. The surge resulted in the token reaching a new all-time high of $8.50, with weekly and monthly gains of 102% and 421% respectively. Bitget has announced plans to burn 40% of the total supply of BGB, reducing the token's total supply to 1.2 billion and increasing its scarcity. Additionally, Bitget has introduced a periodic burn mechanism, using 20% of its quarterly earnings to buy and burn BGB tokens. The token's rise in value has allowed it to climb the crypto ranking ladder, currently ranking as the 16th largest cryptocurrency.
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