Bitget’s BGB token surged over 1000% in 2024, driven by enhanced utility, a new burn mechanism, and ecosystem integration.
Bitget, a cryptocurrency exchange company, has become the second-largest crypto exchange ecosystem by user base. In its 2024 transparency report, the exchange stated that its user base increased by 400%, from 20 million in January to over 100 million in December.
The exchange also experienced growth in trading activity, with daily volume doubling to hit $20 billion. Additionally, spot trading volumes increased from $160 billion in the first quarter to $600 billion by the fourth quarter of 2024.
Bitget explained how geographic diversification contributed to its expansion, noting that between 2021 and 2024, its user base in South Asia increased by 200%, while in Southeast Asia and Europe, it expanded by 140% and 67%, respectively. The highest increase was in Africa, which saw more than 300%. Furthermore, the Bitget Wallet surged past 60 million users, marking a 300% growth in 2024.
The platform broadened its range of services by adding more than 200 new tokens, bringing the total to over 800. It also nearly doubled the number of USDT-M futures trading pairs to 400.
BGB Token’s Surge and Decentralized Integration
The exchange’s native token, BGB, also had similar growth, as it grew by more than 1000%, with its price rising to $8 by the end of the year. The growth was driven by a few key factors: a new burn mechanism that reduced the total supply of BGB tokens, which can increase value by making the remaining tokens more scarce; enhanced utility for the token, meaning it became more useful within the Bitget ecosystem; and an updated whitepaper.
Bitget CEO Gracy Chen noted that as the crypto market develops, only the most durable asset with robust utility and real-world use cases will succeed through market fluctuation. She added that BGB has become a prominent utility token due to its excellent liquidity and solid community. Gracy said:
“As the crypto market matures, only the most resilient assets with strong ecosystems and real-world utility can thrive through cycles. BGB, ranked among the top 30 tokens, has established itself as a leading utility token with exceptional liquidity and a strong community. This merger will enhance BGB’s role within Bitget’s ecosystem and create new opportunities for exploring the decentralized world.”
The BGB token BGB $4.43 24h volatility: 2.5% Market cap: $5.18 B Vol. 24h: $177.75 M is currently priced at $7.13 as it has depreciated by more than 0.39% in the last 24 hours. Bitget recently added BGB to a liquidity pool on Uniswap, allowing users to trade the token directly on the Ethereum blockchain. Thus, by integrating BGB into Uniswap’s liquidity pools, the exchange extends the token’s use beyond its centralized platform. This allows BGB holders to participate in decentralized trading, reflecting the growing shift toward decentralized finance (DeFi) solutions.
The exchange also bolstered its regulatory standing by obtaining approvals in the United Kingdom and El Salvador and launching a localized platform in Vietnam. It also enhanced its leadership team by appointing Hon Ng as Chief Legal Officer and Min Lin as Chief Business Officer.
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