Trader Turns $10,000 Into $1M with Memecoin 'TROLL' Following Elon Musk's Bio Update
Summary:
An astute trader turned a $10,000 investment into $1 million by buying the memecoin "TROLL" after Elon Musk updated his Twitter bio to "Chief Troll Officer." The trader cashed in 9 trillion TROLL tokens to cover their initial investment, seeing an 8,540% increase in value despite a price drop. The instance highlights the influence of Musk's social media activity on memecoin market trends, with similar occurrences noted for Dogecoin and "Grok," a memecoin named after Musk's AI initiative.
An astute investor catapulted their initial investment of $10,000 to a whopping $1 million in less than two weeks, by buying the memecoin "TROLL" right after Elon Musk updated his X profile to "Chief Troll Officer". As per the data shared by LookOnChain, a blockchain data provider, referencing Etherscan, the trader had transferred about 4.3 Ether (ETH), which was roughly $10,000 at the time, to acquire 19 trillion TROLL tokens. Simply by noticing Musk's Twitter bio change to "Chief Troll Officer," the trader swiftly pulled 4.313 $ETH ($10,113) out of #Binance and used 4.3 $ETH to secure 19.37T $TROLL tokens.
On that very day, the trader divested 9 trillion TROLL tokens to offset their initial investment, retaining the balance 10 trillion tokens, which at its peak valued $1.34 million. Despite the drop in value, the TROLL tokens owned by this trader currently stand at an astounding $864,000, which translates to an incredible 8,540% appreciation from the first investment.
Observing the journey of TROLL, it was introduced back in April the previous year and like any other memecoin, it saw a fleeting price rise followed by a return to its close to introductory price. This trajectory drastically altered on January 9 when Musk updated his X (Twitter) bio, causing TROLL’s value to increase by more than 150,000% in a mere span of three days.
Notably, in 2021, a single timely tweet from Musk could skyrocket his once favorite memecoin, Dogecoin (DOGE). This cycle repeated when another memecoin "Grok," having no connection with Musk, but taking its name from Musk's AI initiative, out of the blue became one of the largest players in the memecoin market. "Grok" at its highest price of $0.027 on November 13, possessed a close to $200 million market cap, making it a prominent new memecoin in the current cycle. However, those who jumped onto the GROK bandwagon late got a tough lesson when a post by blockchain investigator ZachXBT exposed that multiple social media profiles and websites related to GROK were just revamped old projects.
Published At
1/18/2024 9:17:21 AM
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