Bitget Token (BGB) Skyrockets by 30% as Exchange Plans to Merge It with BWB Token

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.

A crypto exchange token is surging this week as the broader crypto market limps along in the red.

The Bitget Token (BGB) is up nearly 30% in the past 24 hours, outpacing gains by BTC, ETH and the rest of the top 100 digital assets by market capitalization.

BGB is trading at $7.37 at time of writing. It’s now risen by more than 70% in the past seven days, making it the best performing top-200 crypto asset by a long shot.

The strong performance by BGB comes amid news that Bitget is merging 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. The exchange’s merger will unify both tokens under the BGB label.

Bitget says the decision to merge the two tokens was driven by demand from the Bitget community.

“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,” said Gracy Chen, Bitget chief executive.

“This move will enhance the utility of BGB, and ensure that every holder benefits from Bitget ecosystem growth.”

Bitget says that BWB holders on the exchange will be able to 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, according to CoinGecko. The exchange token has a total market capitalization of $822 million and is up nearly 2,200% in the past year.

The overall crypto market cap dropped by 4.7% on Thursday, according to CoinGecko, while the total volume in decentralized finance (DeFi) over the past 24 hours is up 11.8%.