The GameStop saga from last month has shown just how some investors could easily make big bets and cash out with a stroke of luck. Sadly, Justin Sun, the founder of the TRON Foundation, hasn’t been so lucky as he seems to have waited too long to sell his stock.
Sun Believes in GME’s Market Shift
Earlier today, Bloomberg reported that Sun was still holding his GameStop stock following the crash from last month’s high. The crypto millionaire had bought $10 million in GME last month, joining the thousands who purchased the stock as a means of defiance against Wall Street and its operations. Despite the drop, he believes in it.
As many know, GME got a significant boost following joint action from Reddit investors who bought it en masse and pumped it. The stock jumped over 600 percent in January, making many who purchased it incredibly rich. However, like every pump-and-dump scheme, it eventually came crashing down as the hype around it fizzled, and its proponents moved onto something else.
Instead of selling off his stock when he noticed a market pullback, Sun explained that he is still holding on to GME. The millionaire added that despite losing 80 percent of his holdings, he believed that his ownership of GME represented a seismic paradigm shift.
“I think I’m going to hold. Even if I lose money on the GME stock, I still believe this is a paradigm shift. In the past, we all followed the advice from the financial analysts, and these days people are going to make their own decisions,” the crypto executive said.
Sun also bought $1 million worth of stock from theater and entertainment company AMC. Like GME, the stock has also fallen after Redditors pumped it and left. Still, he would most likely want to hold that too.
Possible Celebrity Endorsements
Along with his belief in near-worthless stocks, Sun also chimed on recent crypto industry trends, which have relied primarily on celebrity endorsements of some coins. Tesla CEO Elon Musk has been leading a social media effort to pump DOGE – an asset that has gained billions in market cap this year alone. He is joined by several other acts, including TV personality Mia Khalifa and hip-hop legend Snoop Dogg.
As explained, this trend has so far worked as DOGE has grown significantly over the past few weeks. Weighing in, Sun explained that he could employ some celebrities to promote TRON as a sort of “meme-friendly” coin as well.
Never one to miss out on an opportunity to tout his blockchain or asset, Sun might very well be seeking interested celebrities soon.