The buyback plan is set to help stabilize the market and grow community activity by adding confidence in the coin.
The Tron Foundation has announced a $20 million buyback plan for its TRX coins. The buyback plan is an initiative that is built to stimulate community activity and build more confidence in Tron’s TRX. Tron hopes that through the buyback plan, will increase its market share value and get more people to join its community.
The buyback plan comes on the back of Tron’s struggle to maintain its hold as part of the top 10 coins. The price of Tron is also struggling with the coin sinking to $0.035 after the shakedown which affected all digital assets on Thursday. The Tron foundation has made a number of positive announcements but none of these have been able to give TRX the boost it requires. The Tron network launched just over a year ago and since then, it has been able to experience heightened activity in terms of its DApps. Tron hasn’t been able to sell tokens as much as they would like digital assets linked to Tron are lagging.
Factors That May Assist Tron In It’s Growth
Tron’s visibility on social media is one of the things that put it on the lips of stakeholders in the crypto industry. They manage to get their followers engaged and excited about their projects and this is one way through which the Tron community grows.
Through their acquisition of BitTorrent, Tron has managed to generate a lot of interest in their network. BitTorrent is considered one of blockchain’s most exciting projects and through its acquisition, Tron managed to capture the attention of many. Companies that are prominent in the blockchain industry such Neo had previously tried to acquire BitTorrent to no avail. Tron’s ability to seal that deal put them in the conversation about blockchain companies that are serious about their business.
The ecosystem developed by Tron is popular among the blockchain gaming and gambling community. There are a number of DApps that run on Tron’s ecosystem that falls in these categories. TRONBet is the most popular DApp on the ecosystem with over 3,600 people making use of the gaming app daily according to DappRadar. All this comes together to show that Tron does have a chance at building a thriving community if they are able to build confidence in their ecosystem and the TRX token.
The Bottom Line
The buyback plan announced by Tron may help the network with its challenges regarding community activity and token sales. There needs to be the building of confidence in the TRX token and by putting this buyback plan into effect, Tron might find a way to put its token up as a true top ten cryptocurrency.