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The founder of the cryptocurrency project Tron, Justin Sun, has vowed to invest $ 10 million in shares of GameStop, a company that moved from the unprofitable to the top 500 by capitalization in a week.
Earlier, the editors of Beincrypto reported that members of the r / wallstreetbets thread on the Reddit network organized the so-called short-squeeze for GameStop shares. Retail investors massively bought GME shares, which resulted in the stock’s value reaching an all-time high of $ 492, and hedge funds that were short on this asset were forced to urgently liquidate them..
Tron’s Justin Sun Jumps On the GME Purchase Bandwagon With USD 1M Bag
Justin Sun decided to support the flash mob
The creator of TRON, known for his penchant for shocking, decided to support the activists of r / wallstreetbets Reddit and retail traders. He originally announced that he would buy $ 1 million worth of GME shares at the opening of trading on Friday. However, then he changed his mind and increased the purchase amount to 10 million. He wrote about this on his Twitter..
$ 1 Mil doesn’t seem enough, I’ll be buying $ 10 Mil $ GME instead tonight from Asia when market opens! It’s time to unite & squeeze out those greedy hedge funds! Wallstreetbets, 4 billion Asian community & 20 mil $ TRX community supports u! Let’s do this! @WSBChairman @wsbmod pic.twitter.com/d494a77RNq
– Justin Sun (@justinsuntron) January 29, 2021
The comment provoked a sharp rise in the TRON (TRX) rate. The coin updated its January high at $ 0.0443. At the time of writing, TRX is trading at $ 0.0314. Whether Sun bought shares is not yet known.
TRX chart. Source CoinGeko
Token As the use of cryptocurrencies grows, new types of tokens are emerging. They can represent value or something intangible like voices. Two … More TRX received support from retail investors, but there were also those who accused San of another attempt to play on the hype and pumping his own coin.
“What else to expect now that Justin Sun has joined the WSB team to pump his coin with them at the same time. The only advantage of TRX is zero transaction fees. Everything else is ashes “.
Justin Sun will buy $ 10 million in GameStop shares
what else we can expect now that Justin Sun has joined WSB crew to pump his shits along with $ TRX
the only good thing about $ trx i like is 0 transaction fees, rest all is shit
– AshKhr Crypto (@AshKhr_Crypto) January 29, 2021
Robin Hood has gone over to the dark side
The Tron-WallStreetBets alliance is likely to benefit all of its members. However, some projects created for retail traders and the democratization of stock trading have suddenly turned against their target audience..
Some stock brokers and stock trading apps have restricted access to overbought securities. In particular, the popular Robinhood app blocked the purchase of GameStop shares, citing “significant market volatility.” The 5 million army of traders on Robinhood had no choice but to sell. As a result, the company’s shares fell to $ 132 on Thursday morning. GameStop shares are trading at $ 328 at the time of writing..
GameStop stock price. Source Yahoo.Finance
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