Bitget, a globally recognized cryptocurrency exchange, has announced its strategic ‘buyback and burn plan’ for to boost the value of $BGB, Bitget's native token.
Cryptocurrency exchange Bitget has announced a new ‘buyback and burn plan’ to boost the value of BGB, Bitget’s native token.
The program will begin with an initial burn of 800 million tokens, valued at over $5 billion and making up 40% of the total supply. Following this, Bitget will conduct quarterly burns using 20% of the profits generated by its exchange and wallet services.
The move is designed to create a deflationary supply model for BGB, which will see the total supply gradually decrease over time. This scarcity is expected to drive up the token’s value, especially in a bull market with high demand for cryptocurrencies.
Bitget’s buyback and burn plan is a significant step towards enhancing the value of BGB for HODLers, offering a valuable benefit to those who choose to hold the token over the long term.
The initiative also aligns with Bitget’s broader commitment to growth and investor trust, positioning the exchange as a reliable and sustainable platform in the cryptocurrency industry.
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