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In the attention market, Justin Sun knows how to stand out.
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The founder of Tron knew how to cause a “butterfly effect” that benefited his Cryptocurrency.
“A banana will take the price of a cryptocurrency to all-time highs.” At the time, that phrase would have generated more laughter than a serious debate among investors in the digital asset market.
Incredibly, a banana acted as one of the catalysts that boosted the price of Blockchain-criptomoneda-contratos-inteligentes-red-social-apps/” target=”_blank” rel=”noreferrer noopener”>tron (TRX) to a new all-time high (ATH).
It all happened after Justin Sun, the creator of the Tron network, will buy a new version of Comedian for $6.2 milliona piece of conceptual art by artist Maurizio Cattelan. It consists of a banana taped to a wall.
On November 29, Sun organized an event at the Peninsula Hotel in Hong Kong and surprised those present by eating that banana. What seemed like a comic act, It was far from being a joke.
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According to site analysts Token DispatchNameet Potnis and Thejaswini, “what seemed like an expensive lunch was actually the first domino in a series of masterfully orchestrated events that would send TRX to unprecedented heights.”
In turn, they highlight Sun’s ability to turn “an expensive snack into something much more valuable: a catalyst for billions of dollars in market movements.”
Justin Sun eats a new version of Maurizio Cattelan’s Comedian. Source: Screenshot of Justin Sun’s X account.
The bite of the fruit began a butterfly effect, triggering a series of events that drove the price of the native token of the Tron network to $0.43, thus exceeding the ATH reached in 2017.
Tron quote throughout its history. Fountain: CoinGecko.
This “potassium injection,” as analysts call it, also propelled TRX to tenth place in the ranking of cryptocurrencies by market capitalization, reaching a value of more than $28 billion.
Likewise, they highlight that “the purchase of the banana did not occur in isolation.” A few days ago, Sun, it was news after investing more than 30 million dollars World Liberty Financial (WLF), Donald Trump’s cryptocurrency project. “Sun’s playful trick with the concept artwork sparked community participation and indirectly boosted tokens related to the project,” they noted.
As CriptoNoticias already reported, the businessman was introduced as the new advisor of the platform. Although They did not give details of his functions, they highlighted that he will make a great contribution to the project due to his knowledge and experience in the world of digital assets.
This story doesn’t end here. “Just as enthusiasm for banana was beginning to fade, political chaos erupted in South Korea, one of the most reactive cryptocurrency markets in the world,” the specialists noted.
Conflicts in South Korea
On Tuesday, December 3, the president of South Korea, President Yoon Suk Yeol declared Martial Lawarguing that the opposition maintained alleged ties with North Korea.
Immediately, the Asian country’s exchanges, Bithumb and Upbit, They reported service suspensions due to a sharp increase in activity.
Rachel Lucas, cryptocurrency analyst at BTC Markets, explained that TRX became a key means of transferring assets due to the disruption of Bitcoin-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>exchanges mentioned above. “It is widely used between exchanges, especially in South Korea, making it a tool for traders looking to move funds between platforms quickly,” he concluded.
For their part, Nameet Potnis and Thejaswini opined: “Traders, desperate to move their assets, turned to Tron’s TRX token as a means of transfer. Because? Because TRX has long been one of the preferred tokens for transferring assets between exchanges, especially in Asia. And that is why TRX took to the sky in the last 24 hours.
This occurs because transactions on the Tron network USDTthe stablecoin issued by Tether, are fast and have low fees. For that reason, It is a means used by traders looking to quickly move their money between different exchanges..
According to browser data DeFiLlamathe network maintains a 98% dominance rate of that stablecoin and processes more than $9 billion in daily transactions. For this reason, it competes with Ethereum/” target=”_blank” rel=”noreferrer noopener”>Ethereum for being the “home” of USDT.
The Tron network challenges Ethereum in stablecoin transfers. Source: DeFiLlama.
This increase in the value of TRX does not It is only attributed to the banana and the political conflicts in South Koreabut also involves another additional factor.
What is dinosaur rotation?
Finally, it should be mentioned that the TRX price is one of the beneficiaries of this phenomenon that the cryptocurrency market is currently experiencing.
Marija Matica cryptocurrency market analyst, used the term “dinosaur rotation” to describe the movement of those investors who are moving their capital to older projects like TRXwhich has been on the market for more than 7 years.
At the same time, he clarifies that this kind of resurgence is driven by renewed institutional interest in these assets.
In that sense, Pat Zhang, director of WOO X Research Altcoin-surge” target=”_blank” rel=”noreferrer noopener”>assures that “most of the older projects are in full circulation and have fallen more than 90% from their peaks, allowing small amounts of capital to significantly drive prices and attract market liquidity.”
Finally, Nameet Potnis and Thejaswini highlight Sun’s actions and its ability to “make each headline build on the previous one” and argue:
“Trump’s investment established him as a major player in the politics-adjacent cryptocurrency world. Purchasing bananas created viral attention and meme potential. The banana eating ceremony kept the attention alive. “The Korean crisis provided unexpected rocket fuel.”
Nameet Potnis and Thejaswini, cryptocurrency market analysts.
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