Justin Sun’s Tron blockchain is actively accumulating its native token, as part of the platform’s TRX treasury strategy. The TRX price has seen a notable rebound today, as Sun publicly backed the platform’s move. This comes following Tron’s latest acquisition of 179,408 TRX tokens, bringing its total treasury holdings to 680.7 million.
Justin Sun’s Backing Sparks TRX Rebound
As part of Tron’s TRX accumulation strategy, the company has officially announced the latest purchase of 179,408 tokens, purchased at an average price of $0.28. The company has been continuously acquiring the token and the recent purchase brought its total TRX holdings to 680.7 million.
Tron Founder Justin Sun backed the company’s TRX accumulation strategy. He shared a tweet, writing, “Keep Going.” Sun’s endorsement shows his confidence in the company’s ability to build up assets over time. The statement also underscores Justin Sun’s belief in the token’s potential future despite its recent value drop.
This purchase and the subsequent backing from Sun have had a notable impact on the TRX price. The token, which has been trading in red for the past few weeks, has now turned green.
Notably, this development comes amid the controversy surrounding Justin Sun’s SEC lawsuit, which is currently stalled. As CoinGape reported, Democrats raised their voices against the Trump administration’s “disturbing retreat from some of its oversight duties.” They claim that, as the regulators have paused the case, Sun is still investing heavily in crypto initiatives.
Recently, the company stated that it intends to continue its TRX accumulation. Over the past few days, the platform has been purchasing more tokens. On February 7, Tron bought 184,226 tokens at $0.27 per coin. It was followed by the purchase of 181,085 tokens at $0.28 on February 8. This continuous acquisition signals the platform’s long-term positioning approach rather than short-term speculation.
TRX Price Surges Today
In response to Tron’s continuous token accumulation and Justin Sun’s support, the TRX price has seen a recovery from its sustained negative trend. The current Tron token price stands at $0.2785 which represents a 0.85% price increase. But the token has experienced major price declines of 1.8% in a week and 6.2% in a month.
Traders show decreased confidence in the token’s future despite its recent price recovery. The 24-hour trading volume has dropped by 25%, bringing the current volume to $522 million.
Source: https://coingape.com/trx-price-rebounds-as-trons-treasury-push-gains-backing-from-justin-sun/
