Justin Tron joins WallStreetBets Community, pledges to buy $10M worth of GME.
- Justin Sun pledges $10 million support for WallStreetBets.
- He urges his community members also to support the Reddit group.
Tron’s founder, Justin Sun, has joined the WallStreetBets community, and he has pledged to buy $10 million worth of Gamestop (GME) stock tonight. Sun made this known via his Twitter account and called on his Tron community members plus the Asian community to support the cause of the WallStreetBets. He added that it was time to “unite and squeeze out those greedy hedge funds.”
Sun urges support for WallStreetBets
Sun had earlier pledged to support WallStreetBets with a million-dollar before reversing his decision and increasing his pledge to $10 million. He is not the only notable name to have spoken about the battle between hedge funds and amateur traders. Notable entrepreneurs like Chamath Palihapitiya and Elon Musk have also spoken about the current face-off effect between these bodies.
Tron’s value of his crypto asset has seen a rise in its value after his tweet. The rise mirrors that of Dogecoin that has recorded massive growth in its value too.
Tron’s price rose by close to a 50% jump from
$0.0288 to $0.04437 in the last 24 hours. However, the token price has now been corrected, and it is now trading for $0.034.
Increased focus on GME stocks
WallStreetBets, a Reddit community, has brought leading hedge fund institution, Melvin Capital, to its knees with the way it has been able to help the stock price rise from $4 price level earlier this year to its current $513 level.
Members of this community were able to do this when they realized that Melvin Capital had massively shorted GME stocks. They then proceeded to start purchasing calls on the stock. The call is a financial instrument that enables investors to buy large quantities of stock while predicting that the asset’s value is going to keep rising.