Despite a marketwide downtrend this week, one crypto exchange token is defying the odds and skyrocketing by nearly 30%.
The Bitget Token (BGB) is currently trading at $7.37, marking a staggering increase of almost 28% in the past 24 hours and over 70% in the last week.
The surge in BGB’s price comes following the announcement that Bitget is planning to merge the token with its other native asset, the Bitget Wallet Token (BWB).
While BWB has seen a slight decline of more than 4% in the past day, it has surged by nearly 45% in the past week, currently ranking at 638th in terms of market capitalization.
Bitget’s decision to merge both tokens under the BGB label was driven by community demand, according to Bitget chief executive, Gracy Chen.
“By merging BGB and BWB, we are taking a major step toward building a unified and robust ecosystem that bridges on-chain and off-chain applications. This move will enhance the utility of BGB, and ensure that every holder benefits from Bitget ecosystem growth.”
Bitget has outlined that BWB holders on the exchange will have the option to automatically swap their BWB to BGB at a ratio of 0.08563. This ratio was calculated using a 7-day average closing price of the BWB/USDT pair on Bitget. BGB is currently ranked as the 22nd crypto asset by market cap.
While the overall crypto market cap experienced a 4.7% drop on Thursday, according to CoinGecko, the significant gains made by BGB amidst the market downturn are noteworthy.
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