Bitget's BGB Token Soars 525% to $8.45 After $5.1 Billion Burn of 800 Million Tokens

Dec 29, 2024, 05:47 PM

Bitget's BGB exchange token surged to an all-time high of $8.45, marking a 525% increase in December 2024, following the announcement of a $5 billion token burn plan. The exchange plans to burn 40% of its total supply, amounting to 800 million BGB tokens, which translates to approximately $5.1 billion. The burn was executed successfully on Ethereum, with reports confirming that the tokens have already been destroyed. This initiative is part of Bitget's strategy to enhance the utility of BGB and is detailed in the updated whitepaper, which includes plans for quarterly burns linked to exchange profits. The significant rise in the token's value reflects growing investor interest and confidence in Bitget's future prospects.