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Hello everyone, here is another exciting update from COVA.
Covalent kicks off 150MM COVA buy-back program. https://t.me/covalentofficial/113477

Wow. Thats great.
Covalent team would start the tokens buy back today on the first stage of the tokens buyback. Its going to last for the next five days. Tokens up to 50 million would be used to setup the COVA dApp Ecosystem Fund.

When did they sell their tokens? Now they are going ahead with buyback. Buyback from whom?

Their were private investors! and team released some token on market through the BITMAX Airdrop and sold some when they first came in the market! in simple word they are buying back from circulating supply!

The decision they took about going for private investors was a good one and it really turned things in their favor, only serious individuals will want to go for the token and they will have to do that by buying and not just the usual massive airdrop campaigns that has messed up the entire system, other upcoming brands have also started doing such

It was smart to have only a private sale. A public sale would've held the risk that the project got regulatory problems.

You're right,i wouldn't support the idea of projects going for airdrops, if such is to be done, then it should be adjusted to a very minimum level, this way, the amount in circulation will be reduced and interested parties can get much more by investing, even though airdrop has been seen as a means of creating fast awareness, the disadvantages are much when compared to advantages