The CEO of the TRON Foundation, Justin Sun, has revealed via a livestream that the organization will not sell the 33 billion TRX tokens, worth over $400 million, on the market and plans to keep them.
Justin Sun noted that the Foundation won’t just hold onto the tokens, but reiterated its plan to buy back $20 million worth of the cryptocurrency, as it believes the market is currently undervaluing it.
— Sam The Carpet Man® (@SamTheCarpetMan) January 3, 2020
As CryptoGlobe reported, the TRON Foundation announced the TRX buyback plan to “promote community activity and market stability” in June of last year, and was set to last for a year while having several batches. At the time, one TRX token was trading at $0.034, while now it’s trading at $0.01368, while presumably means the Foundation sees the tokens are even more undervalued.
During the livestream, which was conducted on the cryptocurrency-powered platform DLive that’s joining the BitTorrent ecosystem and migrate to the TRON blockchain, Sun also revealed he is “confident” the TRX token will soon be listed on Binance’s U.S. cryptocurrency exchange, adding that the TRON Foundation is also working to get it listed on Coinbase.
TRX investors feared the TRON Foundation would dump its 33 billion unlocked TRX tokens on the market, crashing the cryptocurrency’s price with the move. Before Sun’s comments, the organization’s plans for the tokens were unknown.
Since the buyback plan was reaffirmed and Sun claimed it’s working to list the cryptocurrency on two major cryptocurrency trading platforms, some believe TRX’s price may soon rise over growing demand.
As reported, the TRON network has seemingly been growing in popularity as over 900 million USDT tokens are now circulating as TRC20 tokens. This means nearly 22% of all Tether in circulation on the TRON network.
Featured image via Unsplash.