Justin Sun, the founder of Tron seems to be fired up with GameStop’s (NYSE: GME) stock performance over the week, so much that he was willing to acquire $1 million worth of GameStop (NYSE: GME). But shortly after, Sun would come to a conclusion that that price was not enough. The CEO took to Twitter yesterday to reveal that as soon as the Asian market reopens, he would be buying a whopping $10 million worth of GME stocks instead.
“$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.”
Redditors from the r/wallstreeetbets forum were quick to catch the news of Sun’s arrival to the market. With Sun’s backing, the stocks could go higher and Tron (TRX) could also record an increase in trading volume, making it a win-win situation for both parties.
Although Sun is the only known Cryptocurrency personality we know to be buying that much GME, his sentiments are shared across the Cryptocurrency community, especially amongst Bitcoiners. Elon Musk whose previous tweets helped boost GME at the start of the rally continued with a follow-up tweet to back up his stance on GME and its shorters; parties that sold off the stock, in anticipation that prices would drop.
Musk can be quoted saying ;
“u can’t sell houses u don’t own
u can’t sell cars u don’t own
u *can* sell stock u don’t own!?
this is bs – shorting is a scam
legal only for vestigial reasons”.
Many Cryptocurrency analysts have compared the current events in the stock market to the Cryptocurrency market. Generally, analysts are reiterating the relevance of decentralization and transparency. Anthony Scaramucci of Skybridge Capital also compared the “GME movement” to Bitcoin’s potential global impact, one that he asserts is inevitable. Bitcoin traders have since taken the event as a pointer that going forward, Bitcoin’s price rally could also kick off with the same momentum.
At press time, Bitcoin is trading at $34,448. The leading Cryptocurrency surged to $37,000, but lost momentum shortly after, and declined to prior support. The last day of the weekend is starting out with an upside correction for Bitcoin and analysts have since maintained optimism for the week ahead.