In fact, Sun Yuchen's "space show" is, to put it bluntly, a reflection of the somewhat distorted development of the cryptocurrency industry. You see, he spent $28 million on charitable donations, which on the surface seems to be for public welfare, but in reality? It resulted in a 370% surge in traffic on social media, and the cost of that traffic is not low.
Looking over at TRON, there are 81.6 billion USDT on-chain, which sounds impressive and suggests a thriving ecosystem, but in reality, it conceals a technical shortcoming— the transactions per second (TPS) is only around 2000, which pales in comparison to other mainstream public chains.
What's even more interesting is that he also tries to divert everyone's attention from the SEC investigation by investing in Trump meme coins and engaging in political-related operations; this little scheme is not simple at all.
However, behind all this prosperity lies risk. The data is clear: 78% of his $8.5 billion fortune relies on TRX tokens, and among the $35.1 billion market value of USDT on the TRON chain, 67% and 43% of the total 81.6 billion are held in addresses related to him. This kind of capital concentration poses a risk; if regulations tighten or something unexpected happens in the market, it could collapse in an instant.
In short, the ones ultimately paying for this capital game are those ordinary investors who have been lured into it by stories like "the starry sea". Everyone really needs to keep their eyes wide open and not be misled by flashy marketing rhetoric. In the cryptocurrency industry, issues like compliance risks, technical vulnerabilities, and excessive capital concentration have never truly disappeared.
