Memecoin trader became a millionaire in a short time without Elon Musk X gag
One lucky trader troll (TROL) bought memecoin and apparently turned $10,000 into $1 million in less than 10 days, minutes after Elon Musk changed his bio on X (formerly Twitter) to “Chief Troll Officer”.
Etherscan data cited by blockchain data provider LookOnChain shows that the trader converted a total of 4.3 Ether (ETH) – worth about $10,000 at the time – into 19 trillion TROLL tokens.
This trader turned $300 into $1.03M in 10 days!
How did he do it?
After realizing that @elonmusk had changed his Twitter profile to “(CTO) Chief Troll Officer”, this trader immediately withdrew 4.313 $ETH ($10,113) from #Binance, 4.3 $ETH and 19.37T $TROLL.… pic.twitter. com/NWO7j4pyq4
— Lookonchain (@lookonchain) January 17, 2024
On the same day, the trader sold 9 trillion TROLL tokens to cover their purchase, holding the remaining 10 trillion tokens, which at one point were worth $1.34 million.
The price has fallen since then, but the TROLL stack is still worth an impressive $864,000 at current prices, which equates to an 8,540% return on initial capital.
TROLL was originally launched in April 2023 and, like all memecoins, experienced a brief price spike before reaching its launch price. That all changed on January 9th when Musk updated his X bio and saw it rise more than 150,000% in three days.
In the year In 2021, a well-timed Musk tweet had the power to send his then beloved memecoin, Dogecoin (DOGE), skyrocketing.
Related: Dogecoin Investors Sue Elon Musk in Amended Class-Action Lawsuit for Insider Trading
A dissimilar memecoin, drawing its name from Musk's AI project called “Grok,” suddenly resurfaced when it became one of the biggest memecoins in the space.
At its peak price of $0.027 on November 13, Grok (GROK) commanded a market capitalization of nearly $200 million, making it one of the largest new memecoins in the current cycle.
Latecomers to the GROK hype have been burned by blockchain sleuth ZachXBT's X post that various social media accounts and websites linked to Grok have been recycled from old projects.
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