Justin Sun Promises Not To Dump 33 Bln TRX And Tron Will Kick Off Buy-Back Program To Boost Price
Tron’s CEO, Justin Sun, kick-started the year by streaming a live telecast on Tron’s newly purchased DLive. He also streamed the telecast on Periscope as well as on YouTube.
In the message, Sun touched on several issues, but what caught the attention of most viewers was his strong stance on not selling their 33 billion TRX stash (worth approx $442M). Justin equally reiterated the company’s initiated launch of the buy-back project to retrieve the circulating TRX from the market, stressing that the coin is undervalued.
Tron Against Selling 33 Billion Worth Of TRX
Contrary to the viewer's opinions, Justin said that the company doesn't intend on relinquishing the hold of the 33 billion TRX stash, and doesn’t intend to sell it off to the market anytime soon. The company wants to minimize the circulation of the coins already on the market.
— Sam The Carpet Man® (@SamTheCarpetMan) January 3, 2020
According to him, it would be a careless idea to sell the TRX holdings because such actions could send the price of the coin to the bottom of the chart.
TRX Unable To Grow Despite Massive Investment
Justin said TRX has not been able to meet up to its growth potentials, despite the tech advances and much collaboration the company has made for the asset. But even that will not deter Tron from holding on to the coin. Justin believes that it will be in the best interest of the company to keep hold of the TRX stash and with a plan to buy-back other TRX coins currently in the market. Tron believes that the time for the TRX coin to grow will come because it’s currently underrated.
Buying Back to Reduce TRX in Circulation
According to Tron, the main motive to launch a buy-back TRX is to reduce its amount in circulation. It is based on the theory that reducing the number of TRX in circulation will help to push up the demand, which can also impact a price surge. The whole scenario is based on the law of demand and supply.
Currently, there are too many TRX coins in circulation, which is the reason it has been underrated and remained below the expected price levels. But the buy-back initiative will ultimately reduce its supply, hence, increased demand for the coin as well as a possible increase in its price, Justin stated.
DLive Streaming App Would Provide Better Streaming Services
Justin has also promised the audience that Tron has a huge plan for the DLive streaming app. According to him, Tron plans to offer superior streaming services compared to other major centralized platforms like Periscope, YouTube, and Facebook. He further stated that Tron is working on getting more cryptocurrency influencers to upload their content on DLive.
Justin pointed out that Tron aspires to make DLive the fundamental platform for all cryptocurrency influencers. He welcomes everyone on board, promising not to delete anyone’s content or files, and his plans for the platform have already begun.
The cryptocurrency community's sentiment seems to be very happy with this newest development, as it will open more doors for influencers and make the crypto business more mainstream.