Report: Bitget, Native Token BGB Thrive in Q1 2024

Cryptocurrency platform Bitget recently announced that its platform token, BGB, showed strong performance in the first quarter of the year. According to a report by Token Insight, BGB’s market cap reached $68 billion in February 2024, constituting 3.2% of the total cryptocurrency market cap. This marked a slight decrease from the previous year.

Bitget and BGB Q1 Performance

In a report by Token Insight, it highlighted a significant 434% surge in BGB’s market value, making it the second most traded exchange token by volume. Since early 2023, BGB has been on an upward trend, with a price increase of 432.7%.

Bitget’s initial exchange offering (IEO) projects have also contributed to its market performance, aligning with trends like GameFi and SocialFi. Despite industry challenges, Bitget’s expansion efforts in 2023 propelled BGB to new all-time highs in February 2024, when it reached $1 for the first time.

Strategic Initiatives

In a recent media release, Bitget highlighted its rapid growth in the first quarter of 2024, becoming the fastest-growing exchange in the crypto market. With over 25 million users across more than 100 countries and regions, Bitget reported a daily trade volume of $10 billion. Since its establishment in 2018, Bitget has become a prominent cryptocurrency exchange and web3 company, drawing inspiration from Bitcoin. It emphasizes user safety through a $500 million protection fund and a Proof of Reserves system launched in December 2022.

Bitget attributed its Q1 2024 growth to strategic listings of projects like MEME, AI, RWA, and inscription tokens. The exchange also strengthened its market position through partnerships, including an ongoing collaboration with football icon Lionel Messi through the #MakeItCount campaign.

BGB

BGB serves as the native utility token for Bitget. Launched in July 2021, it plays a crucial role within the Bitget network, facilitating contract trading, spot trading, KOL collaborations, merchant partnerships, and social interactions. Bitget incentivizes token holders with various perks, including early access to features, VIP membership benefits, free daily withdrawals, spot fee discounts, GroupCoin pooling for discounts on coins, higher Earn returns, and subscription discounts.

Recent Bitget News

Last month, Bitget Wallet organized two airdrop campaigns to enhance user engagement. The Bitget Wallet, a multi-chain web3 wallet, recently hosted events to promote blockchain adoption. The anticipated release of its native token, BWB, in the second quarter of 2024 will offer users benefits like governance rights and ecosystem rewards.

In March, DEVCON Manila and Bitget co-hosted the TechTopia: A Geek Odyssey  at the ING office in One Ayala Makati. The event, part of the Blockchain4Youth initiative, attracted 100 attendees, primarily Computer Science and Information Technology students and professionals.

Additionally, in February, Bitget hosted the “Bitget Ignite PH 2024: Gala and Awards Summit” at Okada Manila, bringing together over 90 key opinion leaders, influencers, VIPs, and potential partners to reintroduce Bitget to the market.

Last January, Bitget launched the Blockchain4Her initiative, committing $10 million to enhance gender diversity in the blockchain sector. This project fosters inclusivity through awareness campaigns, collaborative initiatives, and the establishment of supportive environments for women, including diverse funding opportunities.

This article is published on BitPinas: Report: Bitget, Native Token BGB Thrive in Q1 2024

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