Bitget (BGB) has gone up by nearly 8% in the past 24 hours, and trading volumes have exploded by 454% during this same period after the crypto exchange announced a big token burn.
BGB is used by token holders to get fee discounts and other perks on the Bitget crypto exchange. Just hours ago, they announced a partnership with the Morph Foundation that transfers the responsibility of developing the Bitget blockchain to this entity.
Alongside this announcement, they stated that 200 million BGB tokens will be burned in a single transaction, while another 220 million tokens will remain locked and will be freed at a pace of 2% per month.
This would reduce the token’s circulating supply by nearly 20% and significantly reduce the market’s float by another 20% due to the lock-up. This explains why BGB has experienced a significant uptick since the news broke.
From now on, BGB will be used as the ecosystem token of the Morph blockchain. The token will be used to pay for gas fees and governance purposes. The developing team behind Morph will invest time and resources to further expand this ecosystem, and that could drive higher demand for BGB in the mid to long term.
Other exchange tokens have also been performing quite well. BNB Coin (BNB), the native asset of the Binance Smart Chain, hit an all-time high recently at $900 while Cronos (CRO), a blockchain project endorsed by Crypto.com, exploded after Trump Media announced the launch of a CRO treasury.
Bitget may be aiming to seize the wave of positive momentum that these announcements have created and capitalize on them by making this pivotal move.
Bullish Breakout Above Key Resistance Could Push BGB to $10
The daily price chart shows that today’s move has encountered strong selling pressure after hitting the $5.5 level – a key resistance that acted as a ceiling one time already.
Meanwhile, the token has been in consolidation mode for at least 6 months. If this recent announcement doesn’t manage to push BGB above this key threshold, the odds would favor a short-term pullback.
The 200-day exponential moving average (EMA) is also acting as a potential support at this point. It appears that BGB has been in a phase of accumulation during this long period, as buyers may have been anticipating an upward explosion.
It is highly likely that BGB will break above this resistance in the next few days. If that happens, the token could rise to its nearest swing high at around $8 and then to the $10 psychological threshold, meaning an upside potential of nearly 100%.
As altcoin season kicks off, the best crypto presales, like Best Wallet Token ($BEST), could deliver an even higher upside potential than BGB and other well-established assets.
Best Wallet Token ($BEST) Surges Past $15M to Further Expand Its Ecosystem
Best Wallet Token ($BEST) is the utility token of the Best Wallet app. It is used to get discounts on swap fees and early access to new features.
In addition, $BEST is the gateway to the ‘Upcoming Tokens’ tool – a program that offers privileged access to the most promising presales in the crypto space. These are tokens that offer a significant upside potential – e.g. 10X or even 100X gains in some cases.
The Best Wallet app has received great ratings on both the Apple App Store and the Google Play Store by early adopters. It supports assets in 60 different blockchains, and the developing team has plans to expand its ecosystem through the launch of a decentralized exchange (DEX) and a debit card to pay for day-to-day expenses with crypto.
As the wallet’s user base grows, the demand for $BEST could skyrocket. Early buyers who take advantage of its discounted presale price will reap the highest returns once this token is listed on top exchanges.
To buy $BEST, simply head to the Best Wallet Token website and connect your wallet. You can either swap USDT or ETH or use a bank card to invest.
