Bitget Announces $120M BGB Token Burn to Stimulate Market Demand

Cryptocurrency exchange Bitget has revealed plans to burn $120 million worth of its native BGB tokens as part of a strategic effort to boost demand and strengthen its market position. The move introduces a utility-based burn mechanism aimed at reducing token supply, potentially increasing scarcity and value. Meanwhile, Coldware (COLD) emerges as a rising player in DeFi and mining, sparking speculation about similar tokenomic strategies.

Bitget to Burn $120M Worth of BGB Tokens to Boost Demand

Bitget has announced plans to burn $120 million worth of BGB tokens in a bid to increase demand and solidify its market position. This move is part of a new utility-based burn mechanism expected to reduce supply and potentially drive up demand for BGB tokens. Meanwhile, Coldware (COLD) is gaining popularity in decentralized finance and mining sectors, raising questions about whether it could follow Bitget’s lead.

Coldware (COLD) Showing Signs Similar to Bitget (BGB)’s December 2024 Surge

The cryptocurrency market is known for its volatility, but analysts have noticed similarities between Coldware’s (COLD) current trajectory and Bitget’s (BGB) meteoric rise in December 2024. Bitget saw an explosive increase in price and trading volume in December 2024, primarily due to the massive burn of 800 million tokens, creating a sense of scarcity and increased demand. As Coldware gains traction, it is showing growing momentum and signs that it could soon follow a similar path.