In a recent blog post, TRON Foundation has announced a $20 million buyback plan.
As per the blog post, TRON Foundation will conduct the largest TRON [TRX] token buyback plan, that ever existed with the widest coverage in the secondary market.The buyback will reportedly go on for a year in several batches totalling $20 million as a part of an initiative to reinforce community activity and market stability.
The blog post read,
“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.”
TRON Foundation made another announcement on the same blog post, revealing that the company will unveil its TRX holding on January 1, 2020.
The company also announced that,
“At this point, 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.”
At press time, TRX stood in the 12th position on CoinMarketCap, with a market cap of about $1.2 billion. TRX was trading at around $0.035 and had lost 6.59% over the last 24 hours.