Actually, Uncle Meow first bought BGB in 2024. I still remember the price of BGB was 1.8U, and then Uncle Meow purchased a small portion of BGB. Later, the price of BGB rose to 7U. At that time, retail investors were completely FOMOing, and the overall market was promoting the advantages of BGB, such as aiming for 20U in the future, trying to surpass BN, and aiming for a top 5 market capitalization. I remember at that time, BGB's market cap was already in the top ten, while OKB's market cap was still ranked over 40. I felt that the market sentiment was overly enthusiastic, so I sold all my BGB. The small portion of BGB I bought back then also made a threefold profit.

The subsequent story you all know. After the market cap of BGB approached the global top ten, the price of BGB dropped from 8U to the current 3.5U. At that time, retail investors who chased high prices were basically buried by the market, many have already cut losses. Now, as the tide recedes, we look back at the value and potential of BGB, it will be clearer and more sober.

Why did BGB rise from 1U to 8U?

Essentially, it is still a mismatch in value between BG and its position in the circle.

The most fervent phase of BGB's rise began in October 2025 and ended in December 2025. At that time, the price of BGB began to rise along with the second surge of Bitcoin, rising from 1U to 8U. The main logic of the rise was that BG had entered the global top five, but its TOKEN had a serious market cap/value mismatch, so it surged to 8U, with a market cap approaching the global top ten.

Of course, when the market was extremely enthusiastic, BG timely announced a major destruction plan, but the yield of profit-taking positions was already quite high, so the price was directly cut in half, and profit-taking positions fled, leaving retail investors who chased high prices trapped at the top.

The current state of BGB, has the fundamental changed?


The current BGB is still Bitget's native platform token, but its practical scenarios have undergone some changes. First of all, BGB is mainly used in Bitget DEX, providing holders with fee discounts, participating in new coin mining, participating in Launchpad, staking rewards, and so on. At the same time, BGB can also be used on the Morph chain as GAS, participating in DEFI, etc.

There is no obvious difference in the use of BGB on Launchpad compared to BNB. Both can obtain new TOKEN airdrops after staking BGB, and there is also no significant difference in obtaining fee discounts.

Therefore, at the DEX level, the practicality of BGB is not significantly different from that of BNB.

However, on-chain, a stark difference appears.

The Morph Foundation will be fully responsible for the future development of BGB

'Bitget will transfer all BGB tokens held by the team to the Morph Foundation, and confirm that BGB will serve as the Gas and governance token for the Morph chain, fully supporting the prosperity of the Morph ecosystem.'

At that time, much of the panic came from this announcement. Many users thought BG would completely sever ties with BGB, and Uncle Meow believes this is one of the reasons for the market's significant drop.

Looking back at this information: 'Specifically, the Morph Foundation will be fully responsible for the future development of BGB. BGB will serve as the Gas and governance token for the Morph chain, and the usage scenarios in exchanges and wallets such as Launchpool, fee discounts, and new coin mining remain unchanged. In addition, the destruction mechanism of BGB will be linked to the activity on the Morph chain; the more active the chain, the more BGB will be destroyed, until the total supply decreases to 100 million pieces.'

Therefore, as long as Morph can develop healthily, the method most recognized by users for increasing TOKEN value, 'destruction', will continue to push up TOKEN prices. However, at present, Morph's development may not look good.

The current status of Morph chain

First is the TVL; currently, the total TVL of the Morph chain is only 5.49M, which belongs to the very low tier of public chains.

Then there is the DEX data. Currently, the DEX Volume of the Morph chain averages around 0.5M, and the total trading volume is actually not high.

Chain income is currently only a few hundred dollars.

Based on the current overall chain situation, relying on GAS to destroy a large amount of BGB is actually very, very difficult.

Is BGB going to fail?


Uncle Meow's opinion is that I do not think BGB has failed. Although the current price is only 3.5U, this is a reasonable token price (based on the premise of the booming CEX and the slow development of DEX).

In fact, BG has always been an innovative leader among several exchanges. The recent development direction is UEX, which means that all future RWA financial products can be traded directly within the exchange, which is very user-friendly and convenient. From the overall route, the development direction of CEX is very advanced, and there may be more TOKEN airdrops for BGB users in the future.

But the miserable state on the DEX chain also makes me hesitant about BGB. If BGB really has to rely on Morph's development for destruction in the future, then the speed of BGB's destruction will be very slow. The future Morph will also find it very difficult to reach the current height of BSC, and it may even be very difficult to enter the top ten of all chains. Therefore, I am not optimistic about the future speed of BGB's destruction, nor do I believe that the future BGB can rely on destruction to reach new highs.

In summary, from the perspective of CEX development, BG will develop well in the future and become a top global exchange (currently also a top one), but from the DEX perspective, the destruction of BGB is not very optimistic.

Uncle Meow's BGB holding plan

First of all, my positions will only be allocated to projects with strong certainty and expected returns. If I cannot see a clear future, I will not guess. Based on this, I personally will not hold BGB TOKEN in the current situation. However, if the Morph chain shows significant improvement and the destruction of BGB accelerates as expected, I will likely allocate a small position into BGB TOKEN.

(Personal knowledge sharing and investment strategy)