Tron Price Crashes by 20% as Justin Sun Stands Warren Buffet up

Today is not a great day for all of the Tron holder sin the cryptocurrency industry. Although this altcoin still has massive potential according to most people, some of the recent developments involving Justin Sun are seemingly to blame for this steep price drop. Now that TRX is down over 20% in the past 24 hours alone, one has to wonder how long it will take to turn the ship around again. 

The Tron Price Collapses

It is not entirely uncommon for altcoins to bleed massive value when the price of Bitcoin is heading in the wrong direction. Although it remains to be seen why Bitcoin is losing value, things are a bit more clear where altcoins are concerned. In the case of

Tron, there is a lot of speculation going on right now, primarily because the expected Warren Buffett – Justin Sun lunch will not be happening after all.

To be more specific, Justin Sun paid $4.5m in a bid to have lunch with Warren Buffett. His main goal is to convince this notorious individual as to how cryptocurrencies are not a scam and should be treated with a bit more respect in general. Many people had very high expectations of this lunch meeting and thought it would push the Tron price higher in the days and weeks to come. 

Contrary to those expectations, however, the Tron price has dropped by quite a margin. Although TRX is just down by over 3% in the past week, today has proven to be an extremely bleak day. With a net 20.8% loss in USD value and an 18.39% deficit over Bitcoin, things are not looking all that great. It is possible this downtrend will continue for a while, as there are a lot of rumors circulating on the internet regarding why this lunch meeting was canceled. 

According to Justin Sun, he will not be able to attend due to kidney stones. It is a very plausible story, although some Chinese sources claim Sun is actively under investigation for potential fraud. It is this type of speculation and rumor which tends to make people panic and dump their cryptocurrency holdings accordingly. Until the official story is unveiled to the public, there is a good chance the Tron price will continue to fluctuate in either direction. 

Related Post

As one would come to expect from the cryptocurrency community during times like these,  there are a lot of people who expect Tron to drop well below its current value in the hours and days ahead. As the price tried to bounce off the $0.022 level and failed to reclaim $0.023, such an outcome is not entirely impossible. As long as Bitcoin continues to drift lower, anything is possible.

All things considered, it seems as if the Tron price should return to its normal behavior in the coming days. Once the crazy rumor mill calms down quite a bit, most people will forget this ever happened and look toward the future once again. What that future will hold for both Justin Sun and Tron, is very difficult to predict at this time. It does send an interesting signal to all TRX holders, as Justin Sun has faced a lot of allegations since bringing Tron to market. it now seems some of those claims may potentially have some merit to them after all. 

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Published by
JP Buntinx

Recent Posts

TMS Network (TMSN) Rips Through Resistance, Dogecoin (DOGE) and Aave (AAVE) Left Shredded

As the bull season takes a haltering break, there’s one crypto that’s ripping through the…

11 hours ago

TMS Network (TMSN) Flexes Its Muscles, BNB (BNB) And Wrapped BNB (WBNB) Face Limited Gains

It’s amazing how quickly things can change; just when everyone thought Binance and its BNB…

11 hours ago

Making Smart Choices – TMS Network (TMSN) Obliterating ApeCoin (APE) and BNB (BNB) in 2023

TMS Network (TMSN) tokens grabbed crypto whales' attention with a nearly 2000% price surge as…

12 hours ago

ChatGPT Thinks Tradecurve, Shiba Inu and Ethereum are best picks to diversify with

ChatGPT saw an increased level of appeal from investors and trades who are trying to…

1 day ago

Chainanalysis acquires Transpose Tradecurve to launch trading academy

The cryptocurrency industry is constantly evolving, with companies exploring new avenues to expand their services…

1 day ago

We asked Google Bard to give us a list of presale projects with the highest ROIs

Presale projects allow investors to get involved in promising ventures at an early stage, potentially…

1 day ago