Tron’s Justin Sun Set To Help GameStop Regain Prominence Amidst Crisis
It has been a dramatic week for GameStop (GME) following the series of the saga. The review period witnessed a very significant improvement in GameStop’s value as it moved from being a struggling firm to a Fortune 500 company. According to Beincrypto’s report on Tuesday, the Wallstreetbets, also known as the Subreddit group, masterminded a short squeeze that eventually led to a significant increase in GameStop’s stock price. A share of the company rallied to an all-time high of $492 in the early hours of the day. The same internal crisis was equally responsible for Robinhood’s decision to stop its users from buying GameStop’s stock for some hours on Thursday.
GameStop was drastically affected by Robinhood’s restrictions
Though the famous online gaming firm eventually retreated its decision, customers are now restricted from doing business with the American street store on a full-length basis. The move affected many traders, leaving them with no other alternatives than selling their shares. It equally halted GameStop’s impressive trading performance throughout the day. The company saw a drastic reduction in the value of its shares, which dropped to $132.
Many crypto enthusiasts and traders criticized Robinhood’s move through their social media accounts, while others developed a concise interest in helping GameStop regain its market evaluation. The store’s massive crash in price value has successfully attracted new investors, including Tron’s CEO Justin Sun, who openly declared the decision to purchase $10 million worth of stock. Justin Sun’s initial plan includes buying just $1 million worth of shares from the American street store as soon as the Asian market opens on the 29th of January. Still, there was a late change of plan as he chose to increase its bid to $10 million after Robinhood’s announcement.
Sun’s decision yields great and quick positive results
Few minutes after the announcement on Twitter, Sun’s digital coins, Tron, also known as trx, saw an incredible spike in price, reaching a new monthly high of $0.4439. As of this writing, the digital asset officially occupies a spot on Telegram group’s WallStreetBets. It is expected to become more volatile in the few days to come due to the support it is gaining from retail investors. Meanwhile, many crypto enthusiasts see Sun’s approach as one of his strategies to improve TRX’s price and trading prowess in the long run.
Considering the relationship between Tron and Wallstreetbets, Sun’s decision to invest in GameStop promises to be a win-win deal for both parties. Meanwhile, Robinhood’s decision to restrain more than five million subreddit users from purchasing commodity from GameSpot and other firms like Nokia, AMC Entertainment, BlackBerry, and iShares Silver Trust, has created a platform for SatoshiStreetBets to organize a dogecoin pump.
CoinMarketCap suggests DOGE now belongs to the top ten digital currencies in the world, with over market $7 trillion capitalizations. The most impressive part of the spike in DOGE’s price is that the coins recorded at least a 392.41% increase on Thursday. We will keep bringing you up-to-date reports as GameSpot’s saga unfolds in the coming days
