Bitget has announced a major upgrade for its BGB altcoin, positioning it as the primary asset within the Morph Blockchain network. This transformation involves transforming BGB from a standard utility token to a key driving force behind the Morph network. With this role, BGB will serve as the network’s gas fee currency and governance tool, enhancing its practical functionality and flexibility. While these changes enhance its real-world use, existing features within Bitget’s ecosystem remain unchanged – such as Launchpool participation, reduced transaction fees, and enhanced wallet integrations. Bitget has also announced a significant initiative to manage BGB’s supply. A substantial 440 million coins were transferred to the Morph Foundation with 220 million permanently removed from circulation through a coin burn. This strategic move will boost market liquidity, support projects within the ecosystem, and fund educational programs by gradually releasing these remaining coins at a steady rate of 2% per month. This approach not only cuts the overall supply but also ensures a controlled re-entry into the market. The impact of this action has been visible in the cryptocurrency market: BGB’s price surged by over 18%, reaching $5.44, and trading volumes increased significantly to $371 million. The burn initiative directly impacted market behavior and sentiment, further cementing BGB’s position as a significant player within the crypto sphere.