The cryptocurrency exchange token has surged nearly 30% this week, defying the broader market downward trend.
Bitget Token (BGB) is trading at $7.37 at the time of this writing, up nearly 28% in the last 24 hours and more than 70% in the past week.
BGB’s gains were partially realized following news that Bitget was planning to merge the token with another native asset, the Bitget Wallet Token (BWB).
BWB, the 638th largest cryptocurrency asset by market capitalization, 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 said the decision was made in response to community demand.
Gracy Chen, CEO of Bitget, explains:
“By merging BGB and BWB, we are taking an important step toward building a unified and robust ecosystem that connects on-chain and off-chain applications. “This move will improve the utility of BGB and ensure that all holders can benefit from the growth of the Bitget ecosystem.”
Bitget stated that BWB holders on the exchange can automatically exchange BWB for BGB at a rate of 0.08563. This is calculated using the 7-day average closing price of the BWB/USDT pair on Bitget. BGB is currently the 22nd largest cryptocurrency asset by market capitalization.
The overall cryptocurrency market cap fell 4.7% on Thursday, according to CoinGecko.
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