One fortunate dealer has seemingly turned $10,000 into simply over $1 million lower than 10 days after buying the Troll (TROLL) memecoin simply moments after Elon Musk modified his bio on X (previously Twitter) to “Chief Troll Officer.”
Etherscan data cited by blockchain knowledge supplier LookOnChain exhibits the dealer transformed a complete of 4.3 Ether (ETH) — value roughly $10,000 on the time — into 19 trillion TROLL tokens.
In simply 10 days, this dealer turned $300 into $1.03M!
How did he do it?
After noticing that @elonmusk had modified his Twitter profile to “(CTO) Chief Troll Officer”, this dealer instantly withdrew 4.313 $ETH($10,113) from #Binance and spent 4.3 $ETH to purchase 19.37T $TROLL.… pic.twitter.com/NWO7j4pyq4
— Lookonchain (@lookonchain) January 17, 2024
On the identical day, the dealer bought 9 trillion TROLL tokens to cowl their buy-in, holding the remaining 10 trillion tokens, which, at one level, had been value $1.34 million.
The worth has fallen since then, however the TROLL stack continues to be value a staggering $864,000 at present costs, equating to an 8,540% achieve from his preliminary capital.
TROLL was initially launched in April 2023 and, like all memecoins, skilled a short worth surge earlier than retracing to close its launch worth. That every one modified on Jan. 9 when Musk modified his X bio and despatched the token surging over 150,000% in three days.
In 2021, a single well-timed Musk tweet had the power to send his then-favorite memecoin, Dogecoin (DOGE), skyrocketing.
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It occurred once more when a non-affiliated memecoin drawing its namesake from Musk’s AI venture, dubbed “Grok,” suddenly became one of the largest memecoins in house.
At its peak worth of $0.027 on Nov. 13, Grok (GROK) commanded a market capitalization of almost $200 million, making it one of many largest new memecoins within the present cycle.
Those that got here late to the GROK hype had been burned after an X publish from blockchain sleuth ZachXBT revealed that varied social media accounts and web sites tied to Grok had been repurposed from outdated tasks.
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