Tron's Justin Sun promises to buy $ 10 million worth of GameStop stock

Tron's Justin Sun promises to buy $ 10 million worth of GameStop stock

After a dramatic week in which GameStop (GME) was rescued from a distressed stock to become a Fortune 500 company, Tron CEO Justin Sun has promised to buy $ 10 million worth of stock.

BeInCrypto reported Tuesday that the r / wallstreetbets subreddit group orchestrated a plan that sent GameStop's share price to an all-time high of $ 492 per share on Thursday.

 

According to Robinhood's website, the company restricted certain stocks to closing positions only "due to" significant market volatility. " This left traders with no other option but to sell their shares. In the early hours of Thursday, GameStop shares fell to $ 132 a share.

Justin Sun joins the public condemnation

This suspension included several other stocks such as Nokia and AMC Entertainment Holdings.

While many condemned the broker on social media platforms, some went to court to address the issue. Tron CEO Justin Sun finally announced his support via Twitter on Thursday.

After announcing this to retail investors and the Reddit group r / wallstreetbets, Sun initially pledged to buy GME for $ 1 million when the Asian market opened on Friday, January 29. On further reflection, however, Sun decided to increase the total to $ 10 million.

The comments triggered a sharp rise in the price of Tron (TRX), with the coin hitting a new monthly high of $ 0.4439. As of now, Tron is officially in the Telegram group of WallStreetBets, and the coin may experience increased volatility.

 

Market manipulation?

With TRX enjoying the support of retail investors, some have accused Sun of trying to increase the price of the coin.

The Tron-WallStreetBets relationship can benefit both parties. While Robinhood's 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 now in the top ten cryptocurrencies by market capitalization with a value of more than $ 7 trillion. The coin rose 392.41% on Thursday, bringing the coin closer to the elusive $ 1 ceiling.