Tron is in a nosedive thanks to Buffett lunch debacle

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Justin Sun, the co-founder and CEO of the Tron cryptocurrency project, blew it. He had the perfect opportunity to help show one of the world’s most powerful digital currency detractors why the fiat alternative was the future, but instead only gave him more reason to doubt crypto’s legitimacy. After paying $4.57 million to sit down and have lunch with Warren Buffett, Sun’s inability to follow through on the arrangement has been an embarrassment to the crypto community, as well as the Tron project. Backers of the crypto are showing their disdain, and the price of the TRX currency is dropping at a steady pace. 

It appears that interest in Tron is waning from both a financial and a social point of view. TRX is trading 60% less than its year-to-date high and is also 80% lower compared to Bitcoin Core (BTC). The Tie, a crypto trading platform, highlighted the fall in a Twitter post yesterday, adding that the “long-term sentiment on Tron hit an all-time low” last month. 

Twitter activity surrounding Tron has dropped off, as well. The Tie explains, Tron saw a massive surge in tweet volume to ~500 daily tweets in June after Justin Sun’s announced lunch with Warren Buffet.” Since then, however, the volume has dropped by 59% and are “approaching November 2017 lows.” 

After shelling out the massive amount of money at a Buffett-led charity event to have lunch with the billionaire investor, Sun began rounding up a posse of crypto players to participate in the event with him. However, just days before the lunch was to take place, he backed out, asserting that kidney stones were going to prevent him from attending. Instead of trying to offer an alternative date, Sun essentially walked away, leaving his millions of dollars as the only thing on the table. 

Making matters worse, Sun was spotted a few days later at a party in San Francisco. While it is possible that his kidney stones may have decided to give him a bit of relief that could have allowed him to attend the festivities, the fact that he would show up after canceling a major and important luncheon just days prior has not been received well and the digital currency’s future is now seriously being questioned.