BGB has recorded a sharp price jump today amid renewed optimism. Whale wallets have accumulated BGB worth over $1.17M lately. The exchange has destroyed 860M tokens in 8 months, reducing the circulating supply by 43%. Cryptocurrencies recorded significant rallies on Wednesday as Ethereum rallied to 2021 highs. Meanwhile, OKB’s remarkable rally after OKX fixed its total supply sparked interest in CEX coins. Bitget’s native token (BGB) saw a sharp 13% jump on its daily price chart, fueled by whale-driven optimism. Advertisement Lookonchain highlighted that dip-pocketed players have steadily purchased BGB, with the latest accumulation two days ago. One wallet withdrew BGB worth $936K (192,668 tokens) from Bitget over the past two months. Another investor accumulated 20,980 BGB tokens (valued at approximately $134k) over the last three months. Meanwhile, the latest transaction involved 30,607 assets (worth $134K) 48 hours ago. Whales are accumulating $BGB recently. 0x8900 withdrew 192,668 $BGB($936K) from #Bitget over the past 2 months. 0x171D withdrew 30,607 $BGB($134K) from #Bitget 2 days ago. 0x7C9C withdrew 20,980 $BGB($102K) from #Bitget over the past 3 months. Notably, #Bitget has burned a These entities have taken BGB worth more than $1.17 million off the exchange, signaling confidence in the native token’s long-term stability. Bitget’s record-breaking supply burn The current whale interest comes after a massive supply reduction. Bitget has removed 860 million BGB, worth over $5.25 billion, from circulation in the last eight months. Consequently, it reduced the overall circulating supply by around 43%. Token burns are crucial for creating asset scarcity, which often boosts demand. Bitget has made a notable supply shock by sending such an immense chunk of BGB to dead wallets. Such incidents draw interest from retail and institutional investors, and the whale accumulation testifies to that. Strategic collaborations to ensure enough liquidity and market stability also kept BGB afloat in the past sessions. Furthermore, the exchange launched a MasterCard-linked card to support global transactions. What does whale accumulation mean? Transactions by large-scale investors are vital in influencing market psychology. Markets consider whale entities as “smart money.” That means participants who make moves after significant analysis and are ready for long-term strategies. Thus, the latest activity on BGB signals conviction in the digital coin’s future growth potential. Withdrawing tokens from an exchange typically confirms the intention to hodl. On the other hand, leaving assets on trading platforms suggests active trading and possible selling. A buying spree from whales reduces tokens on the open market, creating upside price pressure due to scarcity. BGB price outlook BGB traded in the green as whale optimism and token burns trigger upside momentum. It hovers at $4.90 after an intraday high of $5.01. Chart by Coinmarketcap The 390% surge in daily trading volume highlights robust trader and investor activity. BGB will likely extend its upside in the coming hours, especially as bulls dominate the broader market. Its technical indicators have flipped bearish, signaling upward continuation in the near term. BGB trades well above the 50- and 100-day Exponential Moving Averages, indicating that buyers are in control of the momentum. Also, the 3H Moving Average Convergence Divergence displays upside strength after a bullish crossover. The green histogram candles suggest a buyer resurgence. However, the 3H Relative Strength Index of 84 indicates overbought conditions. That positions BGB for a cool-off before extending its rally.
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