Bitget’s very own token, BGB, soared to a record high yesterday despite the broader market facing a sell-off. The price of Bitget Token reached $1.38, marking a remarkable increase of nearly 250% compared to last year. BGB stands as the second-biggest winner in the cryptocurrency market this week, closely following CORE. This surge in the token’s price comes on the heels of a brief market downturn, with Bitcoin and Ethereum experiencing a drop of over 5% in just a week.
Recent data from CoinGecko reveals that BGB has now become the second-largest centralized exchange token in terms of daily trading volume, trailing only behind Binance’s BNB.
In light of this steady growth in the token’s value over the recent months, crypto.news reached out to Ryan Lee, the Chief Analyst at Bitget Research, to gain exclusive insights into BGB’s performance metrics. Lee highlighted the thriving spot trading market on the exchange, along with the steady development of its derivatives market. He also noted the expanding utility and use cases of the token, particularly with the introduction of three consecutive Launchpools on Bitget. Lee pointed to the Ethena (ENA) Launchpool as an example, mentioning that staking BGB could yield a daily return of 0.8%. This translates to an impressive APY of 292% for participants in the ENA Launchpool, where BGB hit a new all-time high during the staking period, providing users with double the benefits.
Additionally, Bitget recently announced the upcoming launch of PoolX, which Lee described as a high-frequency and small-scale Launchpool. Stay updated on the latest news by following us on Google News.