Home CryptocurrencyBitcoin Memecoin Trader Briefly Becomes Millionaire Thanks to Elon Musk X Disposable Gag

Memecoin Trader Briefly Becomes Millionaire Thanks to Elon Musk X Disposable Gag

by SuperiorInvest

One lucky trader apparently turned $10,000 into just over $1 million less than 10 days after purchasing the Troll memecoin (TROLL) moments after Elon Musk changed his bio on X (formerly Twitter) to “Director Troll Officer.”

Etherscan data cited by blockchain data provider LookOnChain shows that the trader converted a total of 4.3 Ether (ETH), worth approximately $10,000 at the time, into 19 trillion TROLL tokens.

On the same day, the trader sold 9 billion TROLL tokens to cover his purchase, and held on to the remaining 10 billion tokens, which, at one point, were worth $1.34 million.

The price has since fallen, but the TROLL stack is still worth a staggering $864,000 at current prices, which is equivalent to an 8,540% profit on your initial capital.

The trader’s holdings are worth $864,000 at current prices. Source: DeBank

TROLL was initially launched in April 2023 and, like all memecoins, saw a brief price surge before falling back closer to its launch price. That all changed on January 9 when Musk changed his X bio and sent the token up over 150,000% in three days.

Troll launched to little fanfare in April 2023. Source: DexScreener

In 2021, a single well-timed tweet from Musk had the power to skyrocket his favorite memecoin at the time, Dogecoin (DOGE).

Related: Dogecoin Investors Accuse Elon Musk of Insider Trading in Amended Class Action Lawsuit

It happened again when an unaffiliated memecoin that took its name from Musk’s AI project, called “Grok,” suddenly became one of the biggest memecoins in the space.

At its peak price of $0.027 on November 13, Grok (GROK) had a market capitalization of nearly $200 million, making it one of the largest new memecoins of the current cycle.

Those who were late to the GROK hype were burned after an X post by blockchain sleuth ZachXBT revealed that several social media accounts and websites linked to Grok were repurposed from old projects.

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