Justin Sun has pledged to buy $ 10 million in GameStop (GME) shares.
Tron (TRX) rises as CEO supports GME.
The suspension of trading on Robinhood is still receiving a lot of criticism.
After a hectic week in which GameStop (GME) went from a struggling stock to a Fortune 500 company, Tron CEO Justin Sun has now pledged to buy the stock for $ 10 million. .
Beincrypto reported that Reddit group r / wallstreetbets orchestrated a short incentive to buy the stock, pushing GameStop’s stock price to a record high of $ 492 per share on Thursday, January 28.
According to the Robinhood website , the company has limited some securities to „close only positions“ due to „significant market volatility“. This left traders with no choice but to sell their shares. In the early hours of Thursday, GameStop shares fell to $ 132 per share .
Gamestop: Justin Sun Joins Robinhood Criticism
This suspension included several other actions like Nokia and AMC Entertainment Holdings.
While many have criticized Robinhood on social media platforms, some have taken to court to deal with the issue. Tron CEO Justin Sun finally announced his support via Twitter on January 28.
After his initial announcement to “remove Robinhood” from retail investors and Reddit’s wallstreetbets group, Sun first pledged to buy $ 1 million from GME when the Asian market opens on Friday 29 January. However, after some thought, Sun decided to increase the total to $ 10 million .
His comments sparked a sharp rise in the price of Tron ( TRX ), with the cryptocurrency hitting a new monthly high of $ 0.4439. As of now, Tron is officially part of the WallStreetBets Telegram group, and the cryptocurrency may now be more volatile.
Market manipulation?
With TRX enjoying the backing of retail investors, some have accused Sun of attempting to drive up the price of its cryptocurrency.
The Tron-WallStreetBets relationship can benefit both parties. While Robinhood’s restrictions prevented the five million reddit users from buying more shares, another reddit group, r / SatoshiStreetBets, orchestrated a one-off action for Dogecoin .
According to CoinMarketCap , DOGE is now among the top ten cryptocurrencies ( BTC included) by market cap with a value of over $ 7 trillion. The coin rose 392.41% on Thursday, January 28, pushing the cryptocurrency closer to $ 1.