TronWallet burns 136 million TWX tokens to stabilize supply

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TronWallet has conducted the largest TWX buyback in the coin’s history, the company announced on Twitter. The company purposefully bought back and burned 136 million TWX tokens in order to stabilize the supply before it releases several major news about the wallet.

TronWallet announces largest token burn in company history

TronWallet, a P2P cryptocurrency wallet and exchange tailor-made for the TRON ecosystem, announced that it has burned 136 million TWX tokens. The wallet’s utility token has a circulating supply of around 30 billion, according to data from CoinCodex, which means that around 0.45 percent of all TWX was removed from the market.

The company announced the news in a Dec. 27 tweet, saying it was the largest token buyback and burn since its inception. This is the biggest development in the company’s history and most likely the last major announcement in the final quarter of 2019.

TronWallet seems to have timed the burn to happen just before the end of the year as it plans on announcing several new major updates and use-cases for the wallet.

The company said in a tweet:

“Big plans for TWX to be revealed soon, including essential use-cases in TronWallet 3 new #BTC features!”

136 million TWX tokens burned, but is it enough to stabilize the supply?

The TWX community celebrated the move, saying it showed the company was gearing up for bigger things. Many seemed to view the buyback as a sign of a profitable cryptocurrency, as it often occurs when the company has extra revenue even after covering all operating costs.

This, many believe, will drive the demand for the TWX token up, which won’t just benefit the company, but the investors holding the tokens as well.

However, it’s important to note that this buyback is a much bigger deal for the TWX community than for the crypto market as a whole. While thriving, TronWallet and the TWX community are still extremely small, especially when compared to TRON and those holding TRX.

It’s also worth noting that while burning 136 million tokens sounds impressive, TWX’s price hovered around $0.000134 at press time. That means that the company only bought back $18,224 worth of TWX.

We are yet to see what the next has in plan for TronWallet. The company reached an incredibly high level of popularity in a rather short amount of time—first announced over a year and a half ago, the wallet surpassed 155,000 downloads in November this year. This not only made it one of the most popular Tron wallets, but also the biggest app built on the Tron network.

The wallet first started as Getty I/O but was rebranded to TronWallet after the company secured a $1 million fund through the TRON Accelerator coding competition.

The post TronWallet burns 136 million TWX tokens to stabilize supply appeared first on CryptoSlate.