{"id":344299,"date":"2022-09-04T02:05:46","date_gmt":"2022-09-04T06:05:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=344299"},"modified":"2022-09-04T02:06:33","modified_gmt":"2022-09-04T06:06:33","slug":"nexo-pumps-14-nexo-adds-50m-to-buyback-program","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/nexo-pumps-14-nexo-adds-50m-to-buyback-program","title":{"rendered":"Nexo Pumps 14% – NEXO Adds $50M to Buyback Program"},"content":{"rendered":"

Nexo (NEXO) coin has maintained its bullish rally and is currently trading well above the $1.10 mark. The Nexo (NEXO)<\/a> coin reached a high of $1.2133 this week, roughly 120% higher than its low in August. However, the reason for its rally could be linked to Nexo’s announcement that it will add another $50 million to its repurchase program. As a result, the company will periodically buy back NEXO tokens.<\/p>\n

The goal is to reduce the number of outstanding tokens in circulation while increasing investor trust.
\nMeanwhile, the cryptocurrency market’s ongoing recovery, which tends to boost investor confidence, contributed to the coin’s gains. Throughout the day, the cryptocurrency markets recovered and showed a bullish trend.<\/p>\n

Nexo Pumps 14%<\/h2>\n

According to CoinMarketCap data, the total market capitalization of all cryptocurrencies was $984.29 billion, a 1.32 percent increase. The world’s two largest cryptocurrencies, Bitcoin and Ethereum, and others saw slight increases. The current live Nexo price is $1.07, with a 24-hour trading volume of $23,742,066.<\/p>\n

\"Nexo<\/p>\n

Nexo Daily Price Chart – Source: Tradingview<\/strong><\/p>\n

The NEXO\/USD pair has risen by 2.46% in the last 24 hours and over 14% in the seven days. Nexo is now ranked #67 in the market, with a live market cap of $596,689,634. It has a total supply of 1,000,000,000 NEXO coins and a circulating supply of 560,000,011.<\/p>\n

Nexo\u00a0<\/span><\/span>Has <\/span><\/span>Allocated <\/span><\/span>$50\u00a0<\/span>Million <\/span><\/span>for\u00a0<\/span>a\u00a0<\/span><\/span>Token <\/span><\/span>Buyback <\/span>Program<\/span><\/span><\/h2>\n
\n

Today we are announcing our third $50\u041c Buyback. ? <\/p>\n

Th\u0435 allocation is a result of our solid liquidity position and readiness to spur on our own products and community as the $NEXO<\/a> Token comes to play an increasingly important role within our ecosystem.https:\/\/t.co\/y7gTNMZC9q<\/a><\/p>\n

— Nexo (@Nexo) August 30, 2022<\/a><\/p><\/blockquote>\n

According to a press release<\/a>, Nexo, a cryptocurrency lending company, has added $50 million to its token buyback program. As a result, Nexo’s price has risen to its highest level since June. The coin’s price rose to a high of $1.2133, roughly 120% higher than its August low. As a result, its market cap increased to nearly $620 million.<\/p>\n