Bitget Token soars to record-breaking heights, surging by 30% in just one week.
Bitget’s native token, BGB, soared to unprecedented heights yesterday despite the broader market downturn. The price of Bitget Token reached $1.38, a remarkable increase of nearly 250% compared to last year’s value. BGB has emerged as the second-largest gainer in the cryptocurrency market this week, following closely behind CORE. This surge in price comes in the wake of a brief market liquidation, with Bitcoin and Ethereum experiencing a slight dip of less than 5% in the span of a week.
CoinGecko’s data reveals that BGB has now become the second-largest centralized exchange token in terms of daily trading volume, trailing only Binance’s BNB. This recent achievement underscores the growing prominence and influence of Bitget Token in the crypto landscape.
To gain further insights into BGB’s impressive performance, crypto.news interviewed Ryan Lee, the Chief Analyst at Bitget Research. Lee highlighted the thriving spot trading market of the exchange, along with the steady development of its derivatives market. He also emphasized the expanding utility and use case of BGB, citing the addition of three consecutive Launchpools on Bitget. One notable example is the Ethena (ENA) Launchpool, where staking BGB has yielded a daily return of 0.8%. As a result, participants in the ENA Launchpool have enjoyed an Annual Percentage Yield (APY) of 292%. It is worth noting that BGB achieved its new all-time high during the staking period, providing users with dual benefits.
In addition to these achievements, Bitget has recently announced the upcoming launch of PoolX. According to Lee, PoolX can be viewed as a high-frequency and small-scale Launchpool. This forthcoming platform is expected to further enhance Bitget’s offerings and solidify its position in the market.
Bitget’s BGB token has demonstrated remarkable resilience and growth, defying the wider market conditions. With its expanding utility and upcoming developments, Bitget is poised to continue its upward trajectory in the crypto industry.
