- Tron Foundation set to unlock 33 billion TRX token on New Year’s day
- Tron Foundation seeks the opinion of the community on what to do with the fund
- Some members of the community believe this move would result in a massive dump
Tron News Today – The Tron Foundation recently announced how it wants to start the New Year. According to the announcement, the Tron Foundation wants to start the New Year by unlocking 33 billion Tron (TRX) tokens. Nevertheless, the Foundation did not disclose or provide any information on how the released tokens would be used.
Tron Foundation Set to Unlock 33 Billion TRX Token on January 1, 2020
The Foundation disclosed the information via a tweet on December 27. The tweet revealed that the Tron Foundation will be unlocking 33 billion TRX tokens on January 1 next year. The post did not specify how the foundation wants to use the fund. Rather, the Foundation asked the Tron community what they would like to see @Justinsuntron and @TronFoundation do with the 33 billion TRX.
#TRON(#TRX) 33 billion $TRX will be unlocked on January 1st, of 2020.
What would you like to see @Tronfoundation, @justinsuntron do with this 33b #TRX?https://t.co/15FvwxDP4K
— TRON News | 新聞 (@TronNews_) December 27, 2019
TRON (TRX) Price Today – TRX / USD
Tron Foundation Seeks the Community’s Opinion on How to Use the Fund
An ensuing tweet by Tron News polled the Tron community for ideas on how they can spend the 33 billion TRX tokens or what they can do with it. Other options in the poll include investing in partnerships, instituting a coin burn or relocking the funds.
According to Tron News, the responses of the users can provide the Tron Foundation with information on how the Tron community feels about the huge coin unlock and what they want the money to be used for. Some members of the community are saying that that the soon-to-be unlocked funds should be used to boost the digital currency trading platform Poloniex, which the founder of Tron – Justin Sun – recently invested in.
The tokens to be released on January 1 are worth about $445 million. Other members of the community are afraid that the Tron Foundation might dump some of the tokens in the market. If this happens, the price of Tron (TRX) is going to suffer; as such a huge dump would hurt prices.
Some others do not agree with the release of these tokens. Some users say it is a stupid move and it would bring the price of TRX that is already down to nothing. In the comment session, a user said:
“Already sold all my TRON in anticipation of this stupid move that will bring the already low value of TRON down to nothing. Bought XTZ with the funds. Oh well, what’s a few million more TRON on the market? ”
Other members have also opted to selling off their TRX holding, as they believe that the unlocking of 33 billion TRX tokens would only result in a massive dump.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she’s not writing, she spends time with her adorable cat, Ginger and works out often.
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