After a dramatic week in which GameStop (GME) was bailed out of a troubled stock into a Fortune 500 company, Tron CEO Justin Sun has now vowed to buy $ 10 million worth of shares.
Beincrypto reported Tuesday that subreddit group r / wallstreetbets staged a brief squeeze that pushed GameStop’s share price to an all-time high of $ 492 per share on Thursday.
According to the Robinhood website, the company restricted certain securities to “close positions only” due to “significant market volatility”. This left traders with no choice but to sell their stocks. In the early hours of Thursday, GameStop shares fell to $ 132 per share.
Justin Sun participates in the public conviction
This suspension included several other stocks such as Nokia and AMC Entertainment Holdings.
While many condemned the stockbroker on social media platforms, some went to the courtrooms to deal with the problem. Justin Sun, Tron CEO, announced his support on Twitter Thursday.
After announcing this to retail investors and Reddit group r / wallstreetbets, Sun initially promised to buy $ 1 million worth of GME when the Asian market opened on Friday, January 29th. However, after further deliberation, Sun decided to increase the total to $ 10 million.
The comments sparked a sharp spike in Tron Price (trx), with the coin hitting a new monthly high of $ 0.4439. As of now, Tron is officially a member of the WallStreetBets Telegram group and the coin could experience further volatility.
With trx backed by retail investors, some have accused Sun of attempting to raise the price of the coin.
What else can we expect now when Justin Sun has joined the WSB crew to pump his shit along with $ TRX
The only good thing about $ trx that I like is 0 transaction fees, everything else sucks
– AshKhr Crypto (@AshKhr_Crypto) January 29, 2021
The Tron-WallStreetBets relationship can benefit both parties. While Robinhood restrictions prevented the subreddit’s five million users from buying more shares, another subreddit, r / SatoshiStreetBets, orchestrated a Dogecoin pump.
According to CoinMarketCap, Doge is one of the ten largest cryptocurrencies by market capitalization, valued at over $ 7 trillion. The coin rose 392.41% on Thursday, pushing the coin closer to the elusive $ 1 handle.
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