Did GXChain's buyback initiative pump GXS by 28.5%?
It’s been a good day for HODLers of GXChain’s native coin, as GXS (or GXC) spiked 28.5% in an hour’s time earlier this afternoon:
The spike prompted a surge of GXS mentions on crypto social media, and a decidedly bullish sentiment especially on Telegram:
- Gxs towards 2500sat
- GXS another big pump
- Hugeeeee gxs soon 2500+++++
- buy GXS!!
The level of confidence is particularly interesting given there’s disproportionately little talk about the actual cause of GXS’ rally. A few TA enthusiasts drew a potential bull flag formation:
While others pointed to a just-announced initiative by GXChain to buy back more than $5M of their own coin on the secondary market:
“We strongly believe that GXChain has been undervalued” laments the project in their announcement, “so we decided to launch the plan of secondary Market Buy-back of More than 5 Million USD. The plan of buy-back will last for two months. After the plan is completed, the repurchased GXC will locked up for at least 6 months.
Per the announcement, the first round of back-buy is/was to be executed today, “with the GXC repurchasing of $250,000 in the secondary market.”
Those who believe the buyback to be the primary catalyst for the GXS rally have already started fishing for information about the next round on the project’s Telegram:
Whatever the cause, it certainly made for some choppy action on the GXS day chart. Although it retraced soon after the initial pump, the coin has mostly recovered since and is, at least for the moment, still trading in the post-pump range.