ICON (ICX) has been in the news lately with several projects that it is undertaking. These announcements have seen the coin grow by over 44% in the last 7 days and the momentum might hold after the news that the coin is set to spend $5million in a token buyback program that will see increased investor interests and confidence on the platform in the coming days.
The ICON ecosystem allows other blockchains to ride on the system to transact/ this is a new concept that will see coins transact seamlessly irrespective of their underlying technologies. This could not have come at a better time as the community has been yearning for ICX coin spike despite the sluggish market.
ICON (ICX) Token Buyback Move
With the various updates in the recent past including its rebranding and upcoming collaborations, the foundations decision to allow for repurchase of $5million worth of ICX from the market has caught the eyes of the coin holders and the prospective investor. However, from a financial point of view, the move will see the value of the coin skyrocket in the coming months.
Secondly, by buying back tokens from the market, the team is sending a positive message to the investor’s that they should have full confidence to stake up on ICX. In YouTube interview, Min Kim, one of the ICON Foundation Council members sheds some light on what the program is all about and what it means to the crypto verse:
“ICX repurchase program is a great way to give back to our community as well as reinforce confidence to our own project. In these times of uncertainty, we want to make it clear that our interests are fully aligned to the community.”
As much as the project could have an impact on the ICX price surge, one crypto verse influencer, Joseph Young added his voice on the ICON move through his official verified twitter handle @iamjosephyoung and said:
Many people have asked my thoughts on ICON, biggest Korean-based blockchain project.
What I’m optimistic about:
- ICON team buying $5mil worth of their own tokens to show confidence.
- Partnership with the country’s largest insurance firm
Disclaimer: I don’t hold any token atm.
ICON and ICONLOOP Boost
The news comes soon after ICON tech partner ICONLOOP rebranded and got the South Korea Government nod to participate in the “Cultivating Innovative Youth Talents 2018,” an event organized by the Ministry of Science and ICT.
While acknowledging the rebranding success, J.H. Kim, the ICONLOOP CEO and a member of the ICON Foundation Council has said:
“The rebranding makes a lot of sense as we are now finally ready to push the ICON project here in Korea. Our team is fully committed to contributing to the ICON project and servicing the ICON foundation.”
ICON (ICX) Price Surge
The recent ICX token surge in price could mean to things; it could be as a result from the increased confidence after the buy-back project was announced or it could be an underlying Fear of Missing out (FoMo). However, time will tell as trust and faith in the technology given that firms of repute are showing the intent to invest on the platform.
As the repurchase hype ebbs away, the coin is still trading in the green zone after marginal 24 hour gains of 6.89% to the dollar and 2.18% bitcoin to trade at $0.957331. Most of the ICX volumes have come through Binance and UpBit with each pushing 62.48% and 20.71% respectively with the ICX/BTC, ICX/USDT and ICX/KRW being the popular pairs.