Cryptocurrency investors continue to see the recent market dip as an opportunity to increase their holdings in the asset class.
The Tron Decentralized Autonomous Organization (DAO) announced earlier today that it had taken advantage of a recent market dip to buy 500 units of Bitcoin (BTC) earlier today.
Announcing the development, Tron DAO noted that the initiative is part of efforts to safeguard the cryptocurrency and blockchain market, which has lost a significant percentage of its value in the past few days.
According to the announcement, Tron DAO stated that the 500 BTC were purchased at an aggregate price of $15.5 million, which represents $31,031.35 for each unit of Bitcoin bought. TRON DAO Reserve also purchased 595,729,832 TRX for $45,641,630 at an average price of $0.07661.
“To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve has bought 500 #BTC with an average price of $31,031.35 for $15,515,675,” Tron DAO stated.
— TRON DAO Reserve (@trondaoreserve) May 10, 2022
Tron Follows El Salvador Footprint
Reacting to the recent development, Justin Sun, the CEO and founder of Tron, disclosed on his Twitter account that the move further echoes the voice of President Nayib Bukele of El Salvador, who has been one of the pioneers promoting Bitcoin’s widespread adoption.
— H.E. Justin Sun 🅣🌞🇬🇩 (@justinsuntron) May 10, 2022
It is worth noting that Tron’s purchase of Bitcoin comes hours after president Bukele disclosed that the country had purchased an additional 500 BTC worth $15.37 million, to bolster the country’s holdings of the world’s largest cryptocurrency by market capitalization.
El Salvador just bought the dip! 🇸🇻
500 coins at an average USD price of ~$30,744 🥳#Bitcoin
— Nayib Bukele (@nayibbukele) May 9, 2022
Based on Bloomberg’s data, the country’s total reserve is up to 2,301 bitcoin or about $71.7 million at current prices.
Bitcoin’s Recent Dip Provides Opportunities
Bitcoin, has once again, presented investors with another opportunity to increase their holding in the top asset class, as its price fell from nearly $40,000 on Thursday last week to below $30,000 yesterday.
The decline in the world’s largest cryptocurrency price prompted Tether, the popular stable coin issuer, to mint $1 billion worth of USDT on the Tron blockchain, suggesting a possible rally in the crypto market.