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.
— ฿oris Vereš ⚡️ (@BorisFullframe) July 23, 2019
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.
Shitcoins gonna dump