The first phase of the highly anticipated $BGB token burn has officially begun. Just an hour ago, a multi-signature address, 0xe36…74E62, transferred 220 million BGB tokens—valued at $1.4 billion—to a dead address for permanent destruction.
Tracing the origin of the funds reveals that they came directly from Bitget’s token deployment address, marking the start of the exchange’s largest token burn initiative.
. $BGB 的首次销毁开始了？🔍
一小时前多签地址 0xe36…74E62 向 Dead Address 转移 2.2 亿枚 BGB 进行销毁，价值 14 亿美金；向前追溯资金来源，即为 Bitget 代币部署地址
三天前 Bitget 公布新版白皮书：将首次销毁 8 亿枚 BGB，占总供应量的 40%，目前看来或许已经开始通过多签地址分批销毁了 https://t.co/X8qSAiJyT2 pic.twitter.com/6svnwSX2tb
— Ai 姨 (@ai_9684xtpa) December 30, 2024
This follows the release of Bitget’s updated whitepaper three days ago, where the platform announced its plan to destroy 800 million BGB tokens in total, accounting for a significant 40% of the token’s entire supply. The move is expected to proceed in batches, utilizing multi-signature addresses to ensure transparency and security throughout the process.
The burn has already fueled a surge in investor interest, pushing $BGB to the top of the weekly gainers’ list. Over the past seven days, the token has risen by an impressive 55%, largely due to the buzz surrounding Bitget’s announcement of a $5 billion token burn.
BIGGEST RISE!
The biggest rise of the week is $BGB with a rise of 55% this week due to investors coming into the project after @bitgetglobal announced a $5B $BGB token burn!
Source: @CoinMarketCap pic.twitter.com/ASrfzVn0ta
— Sjuul | AltCryptoGems (@AltCryptoGems) December 30, 2024
Bitget’s strategic move aims to enforce a deflationary model for $BGB, enhancing its value and long-term sustainability. The exchange has also outlined plans to expand the token’s utility, including its role in staking, liquidity provision, and gas fee payments across Bitget’s ecosystem.
This massive burn not only reduces the circulating supply but also demonstrates Bitget’s commitment to driving innovation and increasing the utility of its native token, positioning $BGB as a key player in the cryptocurrency market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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