Bitget Set to Torch Over 30 Million BGB in Epic Q1 2025 Burn!

New Burn Mechanism Ties Directly to On-Chain Action

Hang onto your hats, crypto fans! Bitget is gearing up to incinerate a whopping 30 million BGB tokens in its first quarterly burn of 2025. That's right, they're not messing around! The exchange just revamped its burn strategy to sync up with real on-chain activity.

Get this: Bitget dropped a bombshell press release on April 9, revealing a slick new burn mechanism for their native BGB token. It's all about utility now, baby! They're using a fresh model to figure out just how many BGB tokens need to go up in smoke.

Here's the juicy part: the new formula ties the quarterly burn directly to the BGB used for on-chain gas fees through Bitget's GetGas accounts. For Q1 2025, they've tossed an extra 6,943 BGB into those accounts. Talk about putting your money where your mouth is!

So, Bitget's ready to burn a mind-blowing 30 million BGB this quarter. That's over $120 million at today's prices! By torching those tokens, they're slashing the total supply, which could send the value of the remaining BGB soaring.

But hold up, BGB's been on a bit of a rollercoaster lately. It's dipped nearly 2.5% in the last 24 hours, trading at $4.07 after hitting $4.20 the day before. Still, it's got a long way to go to reach its all-time high of $8.45 from late December 2024.

Right now, there's 1.2 billion BGB in circulation, with a 24-hour trading volume of $278 million. That's a 13% jump from the day before! And the token's market cap? It's sitting pretty at nearly $5 billion.

Gracy Chen, Bitget's fearless CEO, says this new burn mechanism is a game-changer. "BGB's expanding its role in on-chain ecosystems, so this update was a no-brainer," she said.

"By tying the burn to actual on-chain use, BGB's quarterly burn can grow with real-world action. It's all about boosting adoption and keeping our tokenomics transparent and sustainable," Chen added, dropping some serious knowledge bombs.

Remember January 2025? Bitget went nuclear, burning 800 million BGB held by the internal team. That's 40% of the total supply, folks! It slashed the circulating supply from 2 billion to 1.2 billion BGB. Talk about making a statement!