A crypto exchange token is defying this week’s market downtrend, skyrocketing nearly 30%.
Bitget Token (BGB) is trading at $7.37 at the time of writing and is up almost 28% over the past 24 hours and over 70% over the past week.
BGB’s gains partially materialized following the announcement that Bitget plans to merge the token with its other native asset, the Bitget Wallet Token (BWB).
BWB, the 638th largest crypto asset by market capitalization, is down more than 4% over the past day but up almost 45% over the past week.
The Bitget merger will unify the two tokens under the BGB label. The exchange says the decision was driven by community demand.
Explains Gracy Chen, CEO of Bitget,
“By merging BGB and BWB, we are taking a major step toward creating a unified and robust ecosystem that connects on-chain and off-chain applications. This move will improve the utility of BGB and ensure that every holder benefits from the growth of the Bitget ecosystem.
Bitget says BWB holders on the exchange can automatically trade their BWB for BGB at a ratio of 0.08563, which the company says was calculated using the 7-day average closing price of the BWB/USDT pair on Bitget. BGB is currently the 22nd largest crypto asset by market capitalization.
The overall crypto market cap fell 4.7% on Thursday, according to CoinGecko.
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