TRON (TRX) has enormous potential, but in the last 24 hours, things have been rough, and the altcoin dropped by over 22%. The drastic drop is a result of the latest developments that involve Justin Sun and the botched lunch with Warren Buffett.
Botched Lunch Meeting Hurting TRON Price
Most of the time, the value of altcoins drops when Bitcoin price is also dropping. Although it is sometimes hard to ascertain why the value of Bitcoin is declining, when it comes to altcoin dips, things tend to be more clear. For instance, the latest decline for TRON is fundamentally a result of the anticipated Warren Buffett-Justin Sun lunch that failed to happen.
Justin Sun was scheduled to have lunch with Warren Buffett with the objective of convincing the skeptical Buffett that crypto is not a scam and the industry deserves to be treated with respect. There was a lot of expectation regarding the meeting, with many expecting it to push the price of TRON higher in the coming days.
Sun Under the Radar of Chinese Authorities
In the end, the fabled meeting didn’t happen, after Sun took to Twitter announcing that he wasn’t able to attend the $4.5 million charity lunch because of health issues, which were cited to be kidney stones. Other reports claim that he was not able to attend because of a wrangle with Chinese authorities where the special committee for internet safety charged him for illegal fundraising, money laundering, gambling, and spreading pornographic material.
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With lunch not happening, expectations have been dashed, and the value of TRON has significantly declined. In the past week, the altcoin dropped around 3% but the last 24 hours have been worse, seeing TRX drop up to 20% in value, all of which spells bleak days ahead. The downward trend is expected to continue in the coming days because of the rumors and speculations being spread on the internet regarding the canceled lunch.
At the time of writing, TRON is trading at $0.023362, down 22% in the past 24 hours.
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