TRON (TRX) Boosted by $20M Buyback Plan
Worries about diluting the supply of TRX after the founders’ locked coins are released may be mitigated by a buyback program.
TRON (TRX) may receive a boost from a widely publicized buyback program, to the tune of $20 million’s worth of TRX.
The aim of the buyback is to increase community activity and boost confidence in the asset. Recently, TRON gave up on a similar incentive, this time through distributing a $20 million reward to the holders od TRON-based Tether (USDT). But the launch of USDT on the network stalled due to a crisis with the stablecoin’s backing and liquidity. The buyback program arrives as a form of substitute for the incentive.
TRX has struggled to line up as a top 10 coin, managing to line up with leading assets at prices above $0.038. After the Thursday shakedown which affected all assets, TRX sank toward the $0.035 level.
TRX has remained relatively stagnant despite the multiple news coming from the project’s TRON Foundation. The network, launched a year ago, has logged robust activity in terms of distributed apps (dApps). However, token creation has lagged, and TRON-based assets and token sales are still few.
But TRON keeps its highly visible social media profile, getting an upcoming boost from the charity lunch with Warren Buffett. TRON’s co-founder paid more than $4.5 million for the event, inviting co-founder of Litecoin Charlie Lee. In a recent blog posting by the TRON Foundation, Justin Sun announced the venue for the lunch, the Quince restaurant in San Francisco.
“With exciting new blockchain projects moving forward from the likes of Facebook and Project Libra, J.P. Morgan and IBM, the industry is on the cusp of becoming the force I’ve always believed it to be. For the TRON and BitTorrent community, I’ll talk to Buffett and other attendees about how we’re integrating blockchain into BitTorrent, with its 100 million monthly active users and what we’re doing to expand and nurture the TRON blockchain,” said Sun.
BitTorrent remains the most prominent TRON-related project controlled by the Foundation. TRONBet is the most active dApp within the ecosystem, a third-party game that has grown to 3,600 users per day, based on DappRadar data.