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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