Justin Sun the Founder and CEO of Tron foundation announced on June 25th 2019, about the buy-back of $20 million TRX in 2020. Justin Sun, tweets about the update,“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 less than $20 million”.
TRX $20 Million Buy-Back
The buy-back is to promote community activity and market stability and it will be conducted in several batches. According to the official medium blog post of Tron foundation,
“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 less than $20 million.”
Also according to the blog post, “The TRX holding of TRON Foundation will be unlocked on January 1, 2020. At this point, the TRON Foundation has no specific plans for this unlocked amount of TRX. The Foundation will continue to increase our TRX holding in the secondary market to manifest our confidence in the development of the TRON ecosystem”.
Tron TRX Price Surges
Tron TRX/USD is the 10th largest cryptocurrency by market capitalization is trading at $0.038913 USD (0.41%) at press time. Also the market capitalization at press time according to CoinMarketCap is $2,594,813,797 USD while the 24h traded volume in all trading pair is $994,295,529 USD.
The 24 hours high and low for TRX is $0.040270 USD and $0.037878 USD respectively.