TronWallet burns 136 million TWX tokens to stabilize supply

TronWallet has conducted the largest TWX buyback in the coin's history, the company announced on Twitter.

The company purposefully bought back and burned 136 million TWX tokens in order to stabilize the supply before it releases several major news about the wallet.

TronWallet, a P2P cryptocurrency wallet and exchange tailor-made for the TRON ecosystem, announced that it has burned 136 million TWX tokens.

The wallet's utility token has a circulating supply of around 30 billion, according to data from CoinCodex, which means that around 0.45 percent of all TWX was removed from the market.

"Big plans for TWX to be revealed soon, including essential use-cases in TronWallet 3 new #BTC features!".

136 million TWX tokens burned, but is it enough to stabilize the supply?

The TWX community celebrated the move, saying it showed the company was gearing up for bigger things.

This, many believe, will drive the demand for the TWX token up, which won't just benefit the company, but the investors holding the tokens as well.

While thriving, TronWallet and the TWX community are still extremely small, especially when compared to TRON and those holding TRX. It's also worth noting that while burning 136 million tokens sounds impressive, TWX's price hovered around $0.000134 at press time.

The wallet first started as Getty I/O but was rebranded to TronWallet after the company secured a $1 million fund through the TRON Accelerator coding competition.