The trade price of the $BGB token has been pumping rapidly for the last 7 days. Some people call it an opportunity to make a sudden profit, but some call it a price manipulation game.
Bitget Wallet is a popular multi-chain, non-custodial digital asset wallet. In this wallet, a crypto user can easily store, manage, and trade various cryptocurrencies across multiple crypto networks, including NFTs trading. Also this Walet allows its users to interact with DApp browser, and staking of cryptocurrencies. Bitget Wallet Token ($BWB) is the native token of Bitget wallet.
On 26 Dec 2024, Popular crypto trading exchange Bitget announced its decision to merge its two native tokens, Bitget exchange’s native token $BGB and Bitget Wallet Token (BWB), into a single utility token, $BGB.
As a part of the merger, the transition will be effective on 27 Dec 2024. After the completion of this merger, both the tokens will have a unified on-chain and off-chain ecosystem. BWB token will swap into BGB token by 2:1.
Following this news the trade price of $BGB token pumps 31% within 24 hours. Notably the trade price is 75% high over the last 7 days period, which dragged the attention of critics.
On the other hand, the trade price of the $BWB token almost remained calm.
Because of the high price difference between the two crypto tokens, many people claim that some kind of manipulation is going on for personal benefits.
On the other hand, some experts shared their opinions on this merger and claimed that the merger would follow all the basic decisions, but people would not get the exact amount of corresponding tokens after the merger.
Official information provided by Bitget on GlobeNewswire confirmed that BWB tokens would be converted into BGB at a 0.08563 ratio, calculated using a 7-day average closing price of the BWB/USDT pair on Bitget, automatically on the Bitget exchange.
Read also: After Gary Gensler’s departure, SEC may follow a Bitcoin & Crypto-friendly approach, SEC officials Say
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