Bitget Token Jumps 14% to 4-Month High as Bitget Moves 39% of Supply to Morph Foundation

The Bitget token (BGB) observed a sharp rally today after the exchange revealed plans to hand over a large share of its supply to the Morph Foundation. Specifically, the move, announced in a press release today, covers 440 million BGB, about 39% of the circulating supply, and places the Bitget token at the heart of Morph's growing blockchain ecosystem. Bitget's Partnership with the Morph Foundation In the press release, Bitget said it would send all the tokens it currently holds to the Morph Foundation. Of the total, it will burn 220 million immediately to reduce the circulating supply. Meanwhile, they will lock up the other 220 million tokens and gradually release them at 2% each month. https://twitter.com/bitgetglobal/status/1962837018519691271 The foundation will use these tokens to drive liquidity incentives, expand real-world use cases, and fund education. Bitget also confirmed that BGB will now act as the main gas and governance token for Morph. This essentially gives it a direct role in payments, network operations, and application growth. Notably, the exchange confirmed its broader plans for Morph, which runs as a Layer 2 focused on payments and consumer finance. As it makes Morph the official home of the Bitget token, the exchange looks to give its 120 million users, along with Bitget Wallet's base, direct access to decentralized protocols built on the chain. Bitget's Chief Executive Gracy Chen described this step as the start of a new chapter for the Bitget token, one that will make the token a driver of consumer finance at scale. Also, Morph's CEO, Colin Goltra, highlighted the deeper integration as a way to turn the chain into a major hub for decentralized payments. Meanwhile, the rollout also includes upgrades to Morph's network, which will cut fees, boost performance, and prepare the chain for larger-scale adoption. The Morph Foundation will now guide BGB's long-term path.  It plans to update the token's burn system so it links directly to network activity, with the ultimate goal of cutting total supply down to 100 million. Notably, Bitget had already burned 40% of the initial supply of 2 billion to the current figure. Bitget Token Reacts with 14% Spike in an Hour Interestingly, the Bitget token reacted positively to the recent disclosure. From trading for $4.8 by 10 AM, it shot up to $5.5 by 11:15 AM UTC, its highest price since May. That surge marked a 14.6% jump in just over an hour.

However, the rally quickly lost momentum. Within the next thirty minutes, the Bitget token dropped 6.55% as profit-taking kicked in. Nonetheless, despite this pullback, BGB has held firm above the $5 mark. At press time, it trades for $5.08, showing that buyers still support the move. In the past 24 hours, BGB has gained 9.08%, standing out against the broader market, which has struggled with fresh corrections. This performance pushed it into the top three gainers of the day, according to CoinMarketCap.