It seems that Spark’s token buyback has officially kicked off in earnest. Chain analysts found that recently 570,000 USDS was moved to a multi-signature wallet, and afterward SPK was purchased in small portions using CoW Swap’s TWAP feature. As of now, they have already bought back 1.84 million SPK tokens. In terms of price, that’s equivalent to $36,000, so if you assume the current SPK price is $0.05, this is a fairly large-scale operation.

Spark has previously announced a buyback plan. It was supposed to set aside $35 million as a financial reserve and then allocate 10% of the monthly surplus funds to token buybacks like this. This latest move is probably the execution phase of that plan. It is expected to continue for 12 months, so there’s a high chance that buybacks will be made on a regular basis going forward. When trying to predict the price trend of Spark tokens, this kind of ongoing buyback pressure could be one factor to consider as well. It’s likely worth keeping an eye on how the market will react to this news.