Breaking: Tron Foundation Announces $20 Mln TRX Buy Back Plan, TRX Price Scores Higher

June 25th, 2019

On June 25, 2019, Tron foundation shared an update about its upcoming plan for the year 2020. It has also announced $20 million TRX buy-back plan with a mission to promote community activity and market stability.

TRX Price Surges

TRX, which was outside the zone of top 10 cryptocurrencies of CoinMarketCap – has today reserved its place on the 10th largest spot in terms of market capitalization. In fact, it scores 3.19 percent higher over the past 24 hours and showing the total trading volume of $2,645,723,153. At press time, one TRX counts at $0.039677 against US Dollar.

TRX-on-Top-10
TRX Current Price | CoinMarketCap

$20 Million TRX Buy Back Plan

The blog reads that ‘TRX is on high demand which also attracts users that demands ‘buy-back plan and the TRX holding plan by TRON foundation. Accordingly, the foundation announces $20 million buy-back plan which will be conducted in several batches.

In order to promote community activity and market stability, we will conduct by far the largest TRX buy-back plan with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no more than $20 million.

On the other hand, it also announces their forthcoming plan of TRX holding for the year 2020. The blog reads that the TRX holding of TRON foundation will be unlocked on January 1, 2020, and continues;

TRON Foundation has not designed any plan as to how to process the unlocked TRX and will continue to increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem.

Moreover, Justin Sun, CEO of TRON network took to Twitter and excited his followers with the buyback and TRX holding news;

But at the same time, the plan did receive some sort of criticism – as TRON didn’t provide any detail information on how the process will be undertaken. One such Twitter user commented on Justin Sun’s Tweet, stating;

The TRX holding of TRON Foundation will be unlocked on January 1, 2020. TRON Foundation has not designed any plan as to how to process the unlocked TRX and will continue to increase our TRX holding in the secondary market to manifest our confidence in the development of the TRX

So readers, what’s your take on Tron Foundations plan of buy-backing TRX token and holding for the year 2020.? Do let us know in the comment below