- BGB price surged over 400% in 2024, reaching an all-time high of $3.3, outperforming major exchange tokens.
- Bitget burns 40% of the total BGB supply, valued at over $5 billion, reducing the circulating supply to 1.2 billion.
- 20% of quarterly profits from exchange and wallet businesses will be used for ongoing token repurchases and burns.
The Bitget team has released a new version of the BGB white paper, unveiling a major token burn event. A total of 800 million BGB tokens, representing 40% of the total supply, held by the core team will be burned immediately. This significant move, valued at over $5 billion, will reduce the total BGB supply to 1.2 billion tokens, all of which will be fully circulated.
Starting in 2025, Bitget has committed to repurchasing and burning BGB tokens or sending the tokens to dead wallets permanently. The team is planning to implement this by using 20% of the quarterly profits generated from its exchange and wallet businesses. This ongoing burn mechanism will further reduce the circulating supply and increase the scarcity of the Bitget token.
The updated white paper also outlines plans to enhance the Bitget ecosystem, including expanding its utility within the Bitget ecosystem, such as fee discounts, staking rewards, and governance rights.
BGB Outperforms BNB and GateToken with 400% YTD Surge
This move by Bitget demonstrates a strong commitment to token holders and aims to increase the value and desirability of the BGB token. The burn event and ongoing repurchase program are expected to have a positive impact on the token’s price and overall market sentiment.
The updated white paper and the announcement of the burn event have been met with positive reactions from the Bitget community. This move highlights Bitget’s dedication to building a sustainable and thriving ecosystem for its users.
Price-wise, the Bitget token had a stellar ride in 2024, hitting a new all-time high of $3.3. Starting the year at just $0.57, the token has skyrocketed over 400% year-to-date (YTD), beating major exchange tokens like Binance’s BNB and GateToken and cementing its position as a top performer. BGB’s remarkable run began in February 2024 when it passed the $1 mark and kept gaining: $1.5 by June, $2 in early December, and $3.3 in mid-December, setting a new record.
