$ 30,018.00 2.50%
$ 1,996.98 0.84%
$ 51.76 0.21%
$ 0.086639 0.52%
$ 7.93 1.90%
$ 1.45 2.68%
$ 0.000141 17.83%

VeChain Foundation to buy back around $25 million VET tokens

VET 16 may 2019

The founder of the VeChain foundation, Sunny Lu has announced that a buyback for the VET tokens worth $25 million is just over the horizon and that the traders should prepare themselves accordingly.

VET, as reported last week saw massive gains due to leaked information about the foundation partnering up with Walmart, one of United States’ largest retail corporations. The news caused VET to surge slightly above $0.01, but only for a little while as the coin later corrected itself.

The announcement of the buyback has also caused a surge in VET of around 15%, which helped it pass the $0.009 mark, but nothing too crazy.

Most VET holders see the buyback as a sign that the company is seeing its progress and is willing to invest more in itself, but it doesn’t translate directly into a future bull rush that everybody should look forward to.

Most VET holders liked the transparency displayed by the VeChain foundation, but there were some that questioned the importance and relevance of the buyback.

Many were saying that it’s just a copy of TRON’s buyback to drive the price even further, rather than invest in the company for future growth.

Regardless of the market sentiment, the VeChain foundation is hoping to throw the developers a bone by buying back such a large quantity of tokens.

Should the devs see this as a clear sign of getting a buck for their bang (which they definitely will), we can definitely expect more apps coming our way.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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