Justin Sun, the founder of TRON and the head of the exchange HTX, recently stated in a post that TRON will not be crushed by the current craze for NFTs. However, the community seems to be more concerned about Sun’s entry into the NFT race than whether TRON can withstand the pressure.
In the past month, the popularity of Bitcoin has sparked a wave of NFTs, leading to a surge in activity on major public chains. However, due to the large number of participants, this “stress test” has caused significant network congestion, resulting in network failures and even outages.
However, just yesterday, Justin Sun took to the social media platform X (formerly Twitter) to declare that TRON will not be crushed by the NFT craze. Despite this assurance, it seems that the community is not particularly concerned about whether TRON can withstand the pressure. Instead, there are worries about Sun’s entry into the NFT market, with some even suggesting that his involvement could lead to the collapse of the NFT market.
The community’s concerns stem from the fact that there have been several instances in the history of the cryptocurrency industry where “Justin Sun played with something and it collapsed.” Sun has been jokingly referred to as a “lighthouse” in the industry, with the nickname “Sun Cut” attached to him.
Here are some examples of these instances that have been widely circulated in the community:
In 2017, when ICOs were popular in the cryptocurrency industry, TRON announced its plan to conduct an ICO. However, just a month later, the famous “94 Incident” occurred, with ICOs in mainland China being swiftly banned, plunging the industry into a dark period.
In 2018, Sun attempted an IEO (Initial Exchange Offering), but a month later, the entire IEO sector experienced a sharp decline.
In 2020, Sun ventured into blockchain finance, and on the day of its launch, the DeFi (Decentralized Finance) sector collapsed.
In 2021, the day after the pre-sale of the blockchain game “Chain Horse Racing,” the “Farmers’ World” project collapsed, and the blockchain gaming sector experienced a collective plunge.
In 2022, after acquiring the exchange HTX, the US exchange FTX closed down just ten days later.
In February 2023, when Sun entered the field of artificial intelligence (AI), AI experienced a significant decline.
These instances seem to validate the community’s jokes about Justin Sun, but it is worth noting that these are just speculations and cannot be taken as objective criteria for investment judgment. Currently, no one can say for sure whether Sun’s entry into the NFT market will repeat history or lead to a collapse.