- Tron Inc. corporate firm, bought 175,507 TRX tokens, raising its holdings to 679.9 million TRX.
- Justin Sun encouraged the accumulation of TRX tokens by Tron.Inc to boost its treasury holdings.
Most tokens are trading down today as the entire crypto market is in a bloodbath, while Tron acquired TRX tokens to increase its treasury holdings as it aims to further grow its Tron DAT holdings and boost long-term shareholder value. Also, Tron Inc’s strategic buy was supported by Justin Sun, as the TRX token outperformed Bitcoin so far this year.
The Nasdaq-listed Tron.Inc corporate entity shared a post on February 5, early morning, and stated that it has acquired 175,507 TRX tokens today at an average price of $0.28, which totals nearly $49,100, further increasing its TRX treasury holdings to more than 679.9 million TRX in total, worth roughly $540 million.
Moreover, the crypto billionaire and founder of Tron Blockchain, Justin Sun, has officially backed Tron.Inc post regarding today’s acquisition and mentioned, “Keep going!” for the stacking of the TRX token.
Meanwhile, the entire crypto market is shedding around 5.46% and pushing its market capitalization toward $2.43 trillion, as most of the major crypto prices are declining, with Bitcoin sliding more than 6% and hovering at $71,100 over the past 24 hours.
But when compared, the Tron Blockchain’s native token, TRX, has performed better in the crypto market this year, while Bitcoin is down nearly 18%, whereas TRX has fallen about just 1.2%
CoolWallet Integrates With Tron Blockchain
The CoolWallet, a self-custody hardware provider, announced its integration on February 5 for energy rental services with the Tron DAO, which governs the Tron blockchain. As the integration enables CoolWallet users to securely handle TRX and other TRC-20 assets.
This can be used through the CoolWallet hardware wallet and its mobile app, while simultaneously lowering transaction costs and maintaining full ownership and authority over their private keys and capital, as per the CoolWallet’s official Blog
Despite the acquisition and integration announcement, TRX remains down, trading at $0.2808, with a slight decline of 2.41% over the last 24 hours, at the time of writing, as the weak price reaction is largely due to the broader market’s bearish sentiment
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Source: https://thenewscrypto.com/justin-sun-backs-tron-incs-trx-acquisition-as-the-token-outshines-bitcoin-this-year/
