Ever wondered what you can taste for $6.2 million dollars?
Well, Justin Sun, founder of the Tron (TRX) blockchain, can tell you: a banana.
Last week, on Nov. 20, Sun purchased Maurizio Cattelan’s infamous “Comedian” artwork – a banana duct-taped to a wall – for a cool $6.24 million.
But the Chinese crypto entrepreneur didn’t stop there. Today, on Nov. 29, Sun actually ate the banana during a press conference in Hong Kong, turning the act into performance art and declaring that, like a digital asset, “the real value is the concept itself.”
“It’s much better than other bananas,” Sun said after getting his first taste.
“It’s really quite good.”
Many friends have asked me about the taste of the banana. To be honest, for a banana with such a back story, the taste is naturally different from an ordinary one. I could discern a hint of what Big Mike bananas from 100 years ago might have tasted like. pic.twitter.com/Sz6zaePGpv
— H.E. Justin Sun (@justinsuntron) November 29, 2024
And no, Sun didn’t wait a whole week to eat an overripe banana. His $6.2 million payment – in stablecoins – didn’t actually buy him the banana or the duct tape on display at the auction. Instead, he acquired a certificate of authenticity and a set of instructions for how to assemble the artwork himself, after buying his own banana and tape.
From 35 Cents to $6.2 Million: A Banana’s Journey
Justin Sun’s $6.24 million banana stunt might have seemed like an absurd display of wealth to some, especially to Shah Alam, the unsuspecting fruit vendor who originally sold the now-famous banana for just 35 cents, or four for $1.
When Alam was told the price, he began to cry.
“I am a poor man,” Alam told The New York Times. “I have never had this kind of money. I have never seen this kind of money.”
Touched by Alam’s story, Sun has also decided to turn his headline-grabbing purchase into an act of generosity. He announced on X that he will buy 100,000 bananas from Alam or $25,000 worth of the produce, who can then distribute them for free to the public.
To thank Mr. Shah Alam, I’ve decided to buy 100,000 bananas from his stand in New York's Upper East Side. These bananas will be distributed free worldwide through his stand. Show a valid ID to claim one banana, while supplies last. https://t.co/jbCnh0u3JI
— H.E. Justin Sun (@justinsuntron) November 28, 2024
Attention Is the New Currency
Move over Super Bowl ads, there’s a new contender for most audacious crypto marketing stunt of the year.
Justin Sun has turned heads and sparked debate by purchasing Maurizio Cattelan’s infamous “Comedian” artwork – a banana duct-taped to a wall – for a staggering $6.24 million. But the real shocker? He ate it.
This seemingly bizarre act of performance art catapulted Sun and his Tron blockchain back into the global spotlight – though this marketing campaign was not reflected in the TRX price, with only a +2% increase over 7 days. Was this a stroke of marketing genius or an absurd waste of money? One thing is certain: in the attention economy, Sun has undeniably struck gold.
By devouring a multi-million dollar banana, Sun generated a media frenzy that reached far beyond the confines of the crypto world. News outlets across the globe couldn’t resist the story, giving Tron and Justin Sun invaluable exposure. The stunt’s shock value ensured it became a viral sensation, sparking countless conversations and memes and possibly becoming the most cost-effective ad buy of 2024.
The evolution chart of the world’s top-tier art. pic.twitter.com/eS88qrJUiO
— H.E. Justin Sun
(@justinsuntron) November 28, 2024
Justin Sun Praises Trump’s Crypto Support
Last year, Justin Sun faced charges from the U.S. Securities and Exchange Commission (SEC) over allegations of fraud and securities law violations.
In March 2023, the SEC filed a lawsuit against Justin Sun and the backers of his file-sharing platform, BitTorrent. The lawsuit targeted both the BitTorrent Foundation and its parent company, Rainberry Inc., both of which were acquired by Sun’s company, Tron, in 2018. The SEC alleges that the sale of Tron and BitTorrent (BTT) tokens were unregistered securities offerings.
Not surprisingly, Justin Sun has voiced strong support for Donald Trump and his positive stance on cryptocurrencies, especially since Trump promised to fire current SEC Chairman Gary Gensler on day one of his presidency. On Nov. 22, Gansler even announced his departure from the SEC, but Trump’s nominee will face confirmation hearings in the U.S. Senate.
During his banana-eating spectacle in Hong Kong, Justin Sun also highlighted the recent surge in the cryptocurrency market. He connected this upswing to Trump’s election victory earlier this month, noting Bitcoin’s rise to new record highs.
“After Trump became the president-elect, everybody [was] excited about the future of cryptocurrencies,” Sun said in an interview with the Financial Times. “I believe that definitely under his leadership the U.S. would become one of the most important places for cryptocurrency development, and I’m looking forward to it.”
Sun also became the largest investor in Donald Trump’s crypto project, World Liberty Financial, after buying $30 million worth of its tokens. However, the project is looking like a bust, with sales falling 93% short of their goal, according to Bloomberg, so low that they didn’t meet the minimum required to trigger a payout to Trump.
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