After a dramatic week in which GameStop (GME) has been rescued from a struggling stock into a fortune 500 company, Tron CEO Justin Sun has now vowed to buy $10 million worth of the stock.
Beincrypto reported on Tuesday that the subreddit group r/wallstreetbets orchestrated a short squeeze that sent GameStop’s stock price to an all-time high of $492 per share on Thursday.
According to the Robinhood website, the firm restricted certain securities to “closing positions only” due to “significant market volatility.” This left traders no option but to sell their stock. In the early hours of Thursday, GameStop shares fell to $132 per share.
Justin Sun Joins in Public Condemnation
This suspension included several other stocks like Nokia and AMC Entertainment Holdings.
While many condemned the stockbroker on social media platforms, some took to the courtrooms to deal with the issue. Tron CEO Justin Sun finally announced his support via Twitter on Thursday.
After announcing this to retail investors and the r/wallstreetbets Reddit group, Sun initially pledged to buy $1 million worth of GME when the Asian market opened on Friday, 29th January. However, on further reflection, Sun decided to up the total to $10 million.
The comments sparked a sharp rise in tron’s price (trx), with the coin clinching a new monthly high of $0.4439. As of now, Tron is officially on the WallStreetBets Telegram group, and the coin may be in for further volatility.
Market Manipulation?
With trx enjoying the support of retail investors, some have accused Sun of attempting to pump up the price of the coin.
The Tron-WallStreetBets relationship may benefit both parties. While Robinhood restrictions prevented the subreddit’s five million users from buying more stock, another subreddit, r/SatoshiStreetBets, orchestrated a dogecoin pump.
According to CoinMarketCap, doge is now in the top ten cryptocurrencies by market capitalization with a value of over $7 trillion. The coin rose by 392.41% on Thursday push the coin closer to the elusive $1 handle.
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