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Tron’s Justin Sun Vows to Buy $10 Million in GameStop Stock

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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,” leaving 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

However, popular stockbroker Robinhood suspended trading in several stocks, including GameStop, Nokia, and AMC Entertainment Holdings, “amid significant market volatility.”

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 Friday.

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.

The post Tron’s Justin Sun Vows to Buy $10 Million in GameStop Stock appeared first on BeInCrypto.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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