TRX up 45% after Justin Sun bought $ 10 million from GME and cleverly promoted TRON on the WallStreetBets community

Gamestop’s shares are up more than 1,500% this month since being promoted by the Reddit community. TRX surged more than 45% when Justin Sun’s tweet hit the front page of WallStreetBets yesterday.

On Friday (Jan. 28), TRON Foundation and Bittorrent Inc. CEO Justin Sun tweeted that he would buy $ 1 million worth of GME stock to support the WallStreetBets community. Yesterday (January 29th) he increased that bet to $ 10 million.

$ 1 million doesn’t seem enough, I’ll buy $ 10 million $ GME instead tonight from Asia when the market opens! It’s time to unite and squeeze those greedy hedge funds! Wallstreetbets, 4 billion Asian community & 20 million $ TRX Community supports you! Let us do this! ????@WSBChairman @wsbmod pic.twitter.com/d494a77RNq

– Justin Sun???? (@justinsuntron) January 29, 2021

“A million dollars doesn’t seem enough, instead I’ll buy 10 million dollars of GME from Asia tonight when the market opens! It’s time to unite and squeeze those greedy hedge funds! Wallstreetbets, 4 billion Asian communities and 20 million TRON communities support you! Let us do this!”

WallStreetBets does not currently allow discussion of cryptocurrencies in their subreddit, but Justin Sun managed to get around that limitation by speaking about TRX in the same tweet in which he said he bought GME.

On the official WallStreetsBets Telegram group, users have started talking about TRX, including some wealthy users asking other users to “spread the word”.

#wallstreetbets Whale: SPREAD THE NEWS $ TRX -> #TRON pic.twitter.com/ulxrKrsMj8

– Justin Sun???? (@justinsuntron) January 29, 2021

“Whales from Wallstreetbets: Spreading the news TRX -> ????”.

TRON is one of the most heavily trimmed cryptocurrencies, some exchanges like Bitfinex have 10 times more short orders than long. GME’s sharp rise in price was largely due to short funds becoming scarce and forcing them to buy stocks to reduce losses, which drove up prices.

Some traders have claimed that TRON could experience a similar short squeeze if WallStreetBets retailers start investing money. This could lead to massive price gains for TRX in the coming weeks.

When the retail army gets wind of these short-selling hedge funds #TRX, #XRP, #ETH, and other # Cryptocurrencies will get straight and prices soaring, and without their stockbroker friends to save them, they’ll have to eat up the losses.

– Intuit (@Intuit_Trading) January 28, 2021

“When the retail army begins to grasp this, hedge funds shorting TRX, XRP, ETH and other cryptocurrencies will be destroyed and prices will skyrocket without their broker buddies. They will have to accept the losses.”

Many stock brokers have also started suspending trading on their platforms to avoid harming hedge funds and brokerage firms. This has sparked a huge wave of anger against these companies for “fraud against retailers” on both sides.

Many of these traders said they would switch to the cryptocurrency market because it is much more difficult to suspend trading in cryptocurrencies and doesn’t have the same trading restrictions as the stock market.

After the brokers stopped trading, WSB supporters started turning to cryptocurrencies, Elon Musk’s favorite coin DOGE, which rose more than 1,000% in 24 hours, and many other cryptocurrencies.

TRX price chart | Source: Tradingview

TRX is currently trading at $ 0.03157, up more than 6% over the past 24 hours and ranked 20th by market cap.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Teacher

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