A crypto exchange token is bucking this week’s market-wide downtrend, surging nearly 30%.
Trading at $7.37 at the time of writing, Bitget Token (BGB) is up nearly 28% in the last 24 hours and more than 70% over the past week.
BGB’s gains came in part when it was revealed that Bitget plans to merge the token with its other native asset, the Bitget Wallet Token (BWB).
BWB, the 638th crypto asset by market cap, is down more than 4% in the past day but is up nearly 45% in the past week.
The Bitget merger will unite both tokens under the BGB label. The exchange says the decision was due to community demand.
Bitget CEO Gracy Chen explains:
“By merging BGB and BWB, we are taking a big step towards building a unified and robust ecosystem that connects on-chain and off-chain applications.” This move will increase the utility of BGB and ensure that every holder benefiting from the growth of the Bitget ecosystem.”
According to Bitget, BWB holders on the exchange can automatically exchange their BWB for BGB at a ratio of 0.08563, which the company said was calculated using a 7-day average closing price of the BWB/USDT pair on Bitget. BGB is currently in 22nd place…
