Amid the constant back and forth of the crypto circuit, Origin recently announced to buy back 1.3 million dollars’ worth of Origin Tokens (OGN). The payment for the transaction will be made using 50% of the income generated from their recent NFT (non-fungible tokens) sales. The purchased tokens will be taken out from the market and moved to their Reserves with a third-party partner once the transaction closes. Origin also stated that the details of the development would be made public. There are two major reasons behind the development. Origin believes in the benefit of holding tokens, and OGN is currently undervalued in the market. Origin intends to create token scarcity by reducing the supply circulation.
In the previous one and a half years, Origin has tried to maintain a steady supply of OGN. The concurring supply was less than the supply projected during the platform’s launch in January 2020 on Binance. For the time being, there are 308,186,135 Origin Tokens in the market. The projected supply was evaluated at 341,000,000, but OGN never reached the feat.
The circulation is 32,813,865 tokens short, accounting for a total of 9%. The calculation does not account for the 80 million Origin Tokens currently staked, further reducing the token float. Nonetheless, Origin always intends to maintain a 10% gap between the actual and projected token supply while the preference is 15+%.
The announced development is primarily aimed to reduce the circulation and reach the original numbers intended by the platform. It is expected that the reduction will lead to a price surge due to its scarcity.
Origin also plans to undertake additional efforts to maintain the supply circulation. It will include holding tokens in the Foundation Reserves and initiating more buybacks in the coming years. Moreover, both co-founders Matthew Liu and Josh Fraser, possess their share of OGN, which they intend to keep with them.
They are emphasizing mass adoption of the Origin Token and its long-term market utility alongside the interest of the OGN holders and other communities. If all goes according to the plan, Origin will quickly surge in market value and stature. The announcement came through Matthew Liu, the co-founder of Origin.
Origin was launched 1.5 years back in January 2020 on Binance. The platform has garnered a name in the market, but its co-founders believe their token is still undervalued. To create a token scarcity and hold tokens for the apt time, the company has decided to buy back 1.3 million worth of Origin Tokens. The move is expected to help OGN gain user interest and experience an increase in market value.
