BGB, Bitget’s native utility token, continues its bullish upsurge today after the team released an updated whitepaper on the asset’s burn mechanism.
For context, the Bitget Token (BGB) surged over 20% today, hitting a new all-time high of $8.500. The bullish upsurge took its weekly and monthly gains to 102% and 421%, respectively, bucking the overall trend in the broader market.
Notably, today’s surge followed a Bitget announcement that it has updated its whitepaper, specifically on asset burns. The Bitget team introduced a mechanism that allows incessant, large incineration of the BGB token, drawing bullish momentum to the ecosystem’s native token.
Bitget to Burn 40% of Total Supply.
Per the release, Bitget will imminently incinerate 40% of its total supply of 2 billion BGB ($6.6 billion at the current market price). Notably, the core team reserved 40% of the ERC-20 token for itself during the token generation event (TGE) but would burn it with the new development.
With the burn, BGB’s total supply would drop to 1.2 billion, boosting the asset’s scarcity. Bitget stated that the incineration event would happen at a later date, and the team would provide proof of the significant milestone on-chain.
Furthermore, Bitget introduced a periodical burn mechanism. The latest addition would see the exchange allocate 20% of its quarterly earnings to buying and burning the BGB token.
The process would be a quarterly event where Bitget would send the specified amount in BGB to the burn address. Bitget also noted it would notify the crypto community of the incineration after each process.
It bears mentioning that the Bitget token is now officially the unified utility token in the Bitget ecosystem. The exchange announced yesterday that it would merge the asset with the Bitget Wallet Token (BWB), making BGB the ultimate token for its exchange and self-custody wallet.
BGB Becomes 16th Largest Cryptocurrency
Meanwhile, BGB’s bullish momentum has seen it climb the crypto ranking ladder. With a market cap of $11.6 billion, the Bitget Token is the 16th largest cryptocurrency.
In its rise up the cader, BGB has flipped notable assets like Polkadot (DOT), Stellar (XLM), Litecoin (LTC), and Pepe (PEPE). Furthermore, larger assets like Sui (SUI) and Shiba Inu (SHIB) now face the pressure of a possible flip if BGB’s bullish momentum persists.
At the time of writing, Bitget Token trades at $8.33, correcting slightly from its new all-time high of $8.50.
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