dailyhodl.com
A crypto exchange token is defying this week’s marketwide downtrend, skyrocketing by nearly 30%.
The Bitget Token ($BGB) is trading at $7.37 at time of writing and is up nearly 28% in the past 24 hours and more than 70% in the past week.
$BGB’s gains partially materialized amid news that Bitget plans to merge the token with its other native asset, the Bitget Wallet Token (BWB).
BWB, the 638th-ranked crypto asset by market cap, is down more than 4% in the past day but up nearly 45% in the past week.
Bitget’s merger will unify both tokens under the $BGB label. The exchange says the decision was driven by community demand.
Explains 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 says BWB holders on the exchange can automatically swap their BWB to $BGB at a 0.08563 ratio, which the firm says was calculated using a 7-day average closing price of the BWB/USDT pair on Bitget. $BGB is currently the 22nd-ranked crypto asset by market cap.
The overall crypto market cap dropped by 4.7% on Thursday, according to CoinGecko.
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