The recent surge in the trade price of the $BGB token has sparked a debate within the crypto community. Some view it as a prime opportunity to capitalize on sudden profits, while others are suspicious of potential price manipulation tactics at play.
Bitget Wallet, a popular multi-chain, non-custodial digital asset wallet, has been at the center of this controversy. Known for its seamless storage, management, and trading of various cryptocurrencies across multiple networks, including NFTs, Bitget Wallet also offers users the ability to interact with DApps and engage in staking activities. The platform’s native token, Bitget Wallet Token ($BWB), has been a key player in this narrative.
On December 26, 2024, Bitget made a significant announcement regarding the merger of its two native tokens – $BGB and $BWB – into a single utility token, $BGB. This move, set to take effect on December 27, aims to create a unified on-chain and off-chain ecosystem for both tokens. As part of the merger, BWB tokens will be swapped for BGB tokens at a 2:1 ratio.
Following this announcement, the trade price of the $BGB token experienced a notable 31% surge within 24 hours. Over a 7-day period, the token’s price witnessed a staggering 75% increase, drawing scrutiny from skeptics. In contrast, the trade price of the $BWB token remained relatively stable during this period.
The significant price disparity between the two tokens has raised concerns about potential market manipulation for personal gain. However, experts have weighed in on the situation, suggesting that the merger process will adhere to established guidelines. It is worth noting that individuals may not receive an exact amount of corresponding tokens post-merger.
Official information from Bitget via GlobeNewswire confirmed that BWB tokens would be converted into BGB at a ratio of 0.08563, based on a 7-day average closing price of the BWB/USDT pair on Bitget. This conversion process will be automated on the Bitget exchange for user convenience.
As the crypto community continues to monitor developments surrounding the $BGB and $BWB tokens, it remains to be seen how this merger will impact the broader market. With diverging opinions on the motives behind the price fluctuations, investors are advised to exercise caution and stay informed about the evolving landscape of digital assets.