On this special day, Tron network celebrates its Independence Day, marking one year since it migrated from the Ethereum network to its own blockchain, MainNet. The Chief Executive Officer and Tron founder, Justin Sun, on a live stream, graced the day with a special announcement.
The announcement includes all the future plans of Tron for the crypto community; a $20 million TRX Buy Back plan, launching of BitTorrent speed beta next week, hosting of Tron summit 2020, in Seoul.
The Buy Back plan is mind-blowing, likely to trigger a bull run. Buying back coins or tokens is a way to strengthen the utility of a token, which will stir the interest of investors. The Buy Back program is scheduled to last for a year and it will boost TRX’s performance, which is already set on an upsurge since last week.
Tron CEO stated that this will be the “industry’s largest” Buy Back program, with the largest coverage in the secondary market. It will include buying back Tron from the secondary market in several batches with no more than $20 million.
Tron Foundation is set to increase TRX holding, this move will show the level of confidence vested in the coin and its future by Tron team. Tron is one of the altcoins that grew along with Bitcoin after it has been hanging on a very low performance since the first quarter of this year.
Tron (TRX) made it back to the top ten list in crypto rankings just as the CEO promised it would. It has maintained an upward movement in price since last week, at a percentage better than other major cryptos.
At the time of writing Tron (TRX) is trading at $0.038, though a bit lower than yesterday price at $0.039, according to the coinmarketcap.com curve there are indications it will continue surging higher.
Tron Buy-Back plan is a good one but the SEC still has roles to play in determining how effective it will be. The commission has recently been churning out a lot of stringent rules that may stifle the Buy-Back plan.