Sapce Review | Penetrating the "Always Drop During Meetings" Fog, Exploring the Value Game Behind Token 2049

Every time blockchain industry events like Token2049 approach, the "drop during conferences" curse hangs like a sword over every holder, making them vigilant.

From A-shares to cryptocurrencies, this phenomenon seems to have become a common memory across markets. As the agendas of policy summits and industry forums are announced, market funds often choose to wait and see or even cash out in advance, as if the conferences themselves have become triggers for price fluctuations.

In stark contrast to the "drop during conferences" phenomenon, mainstream blockchain projects actively participate in these events, viewing them as excellent platforms to showcase their strength and expand cooperation. For project teams, conferences may be both a "risk window" and an "opportunity starting point."

So, is the "drop during conferences" merely a market coincidence or an inevitable rule? How do the capital flows and ecological narratives during the conference jointly influence market trends? Understanding the rhythm within these dynamics may be the real question to ponder. This issue of Space invites several industry KOLs to delve into the complex relationship between the crypto market and industry conferences, uncovering the essence behind the phenomenon. Below is a highlight of this issue of Space.

Is "drop during conferences" a market coincidence or an inevitable rule?

Crypto.0824 believes that the "drop during conferences" phenomenon is more a result of psychological effects. "It's like the saying in the stock market, 'five poor months, six dead ends, seven rebounds'; it's not a scientific rule, but everyone believes it, and as a result, it happens." He pointed out the key mechanism: "Before the conference, everyone is saying the market will drop, so many funds cash out early to avoid risk, and then it really drops." However, he also noted that this rule is not unbreakable: "During the 2021 Bitcoin bull market, positive news from celebrities at the conference led the market to rise instead."

Crypto995 analyzed this psychological mechanism from a more professional perspective: "This is similar to the traditional finance concept of 'buy the expectation, sell the fact.' Positive news is often hyped in advance, and the price already reflects those expectations. By the day of the conference, investors worry that the good news has been fully priced in and choose to take profits."

Despite differing analytical perspectives, the guests seem to have reached a consensus: "drop during conferences" is not a market iron law. Crypto995 pointed out: "If we broaden our perspective, what truly influences the market is still the macro environment." Mr. Mis also believes: "When liquidity is abundant, there is no necessary connection between conferences and price fluctuations."

The Moon Trader made a vivid analogy in the subsequent discussion: "Conferences are like amplifiers for narratives; they don't create trends but amplify them." This amplification effect causes existing market sentiments to be concentrated and released at specific moments. The market does not simply repeat history, but it often follows similar rhythms. Understanding the mechanisms behind the "drop during conferences" phenomenon may help us make more rational decisions when the next industry event arrives.

Capital Games and the Ecological Layout of TRON under Conference Narratives

Although market participants debate the "drop during conferences" phenomenon, industry leaders consistently engage in global dialogue with a positive attitude. During this Token 2049 conference, TRON, as a core participant, deeply engaged in various agendas through keynote speeches, ecological activities, and themed side events, showcasing its technological advancements and ecological layout to the global market. This active participation precisely indicates that for projects genuinely committed to long-term development, industry conferences are no longer amplifiers of short-term emotions but strategic opportunities for ecological growth.

At this conference, TRON brought tangible ecological results, with its network maintaining a daily average transaction volume among the industry's leaders, and the issuance of TRC-20 USDT consistently occupying a significant market share. In terms of financial performance, TRONSCAN data shows that over the past year, the total revenue of TRON's ecological protocols exceeded $3.61 billion, achieving nearly $1 billion in revenue for two consecutive quarters in the first half of 2025, setting a new historical high. These solid figures provide the most persuasive evidence of its ecological and technological strength.

Notably, the five key projects under the TRON ecosystem—SunPump, JUST, APENFT, BitTorrent, and WINkLink—made a collective appearance at this conference, covering multiple key sectors such as DeFi, Meme, NFT, cross-chain infrastructure, decentralized storage, and oracle services. This army-style display not only reflects the prosperity of the TRON ecosystem but also conveys a clear message to the market: true ecological value comes from multi-layered and multi-field collaborative development.

HashWhale mentioned in the discussion: "After the conference, the market will enter a 'true-false trend screening period.' Only those sectors with real application scenarios and technological barriers can traverse cyclical fluctuations and achieve sustained growth." The multiple ecological projects highlighted by TRON precisely meet this criterion.

Through a series of actions during the conference, the TRON ecosystem not only showcased its technological strength but also built a broad cooperative network. The effects of these initiatives may not be immediately visible after the conference ends, but they plant seeds for future value growth.

As the Moon Trader said: "We need to ask ourselves whether the content released at the conference is just hype or if it can bring real revenue or cash flow." The TRON ecosystem has provided the answer through its actions—true value creation requires time to validate, not just the fleeting spotlight during the conference.