A cryptocurrency exchange token is bucking the recent market trend, surging almost 30%.
Bitget Token’s Big Jump
The Bitget Token (BGB) is currently trading at $7.37, a 28% increase in the last 24 hours and over 70% in the past week. This significant rise comes on the heels of an announcement that Bitget plans to merge BGB with its Bitget Wallet Token (BWB).
Merger Fuels Growth
While BWB (currently ranked 638th by market cap) is slightly down for the day (-4%), it’s seen a substantial 45% increase over the past week. The merger will simplify things, consolidating both tokens under the BGB name. Bitget says this decision reflects strong community interest.
Bitget CEO Gracy Chen explained the move: “Merging BGB and BWB is a big step towards a unified ecosystem connecting on-chain and off-chain applications. This will boost BGB’s usefulness and benefit all holders.”
BWB holders on the Bitget exchange will automatically receive BGB at a rate of 0.08563 BWB per BGB, based on a 7-day average price.
Market Contrast
It’s worth noting that BGB (currently ranked 22nd by market cap) is performing exceptionally well against the backdrop of a broader market downturn. The overall crypto market cap fell by 4.7% on Thursday, according to CoinGecko.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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