In a surprising turn of events, a crypto trader has managed to turn a humble $300 investment into a staggering $1.03 million within just 10 days, thanks to Elon Musk’s recent X (formerly Twitter) bio update. The trader’s savvy move involved capitalizing on the billionaire’s humorous online antics and a memecoin known as Troll (TROLL).
The story unfolded on social media when Lookonchain, a popular crypto tracking account, tweeted about the remarkable feat. The trader’s strategy revolved around Elon Musk’s change of his X profile bio to “(CTO) Chief Troll Officer” on January 12. Seizing the opportunity, the trader swiftly withdrew 4.313 Ethereum (ETH), priced at approximately $10,113, from the Binance exchange.
With the funds in hand, the trader used 4.3 ETH to purchase a substantial amount of TROLL, specifically 19.37 trillion units of the memecoin. Following this huge acquisition, the crypto trader strategically sold 9.37 trillion TROLL for 5.318 ETH, totaling $12,467, effectively recovering the initial investment.
Currently holding 10 trillion TROLL, the trader’s remaining memecoin assets are valued at an impressive $1.03 million. This remarkable trading success underscores the impact that Elon Musk, a well-known figure in the tech and crypto communities, can have on the market with his social media activities.
The Elon Musk Effect
Elon Musk’s playful alteration of his X bio and the update of his location to Trollheim might not have been directly related to the memecoin TROLL, but his online presence is known for influencing various cryptocurrencies. Musk, who has previously expressed support for Dogecoin (DOGE), has become a source of speculation for crypto enthusiasts who eagerly follow his activities for potential investment opportunities.
TROLL, introduced to the Ethereum network in April 2023, initially witnessed a surge in its value post-launch, reminiscent of the excitement surrounding Pepe Coin (PEPE). Despite the initial enthusiasm, the coin’s value steadily declined over a span of 229 days, plummeting by an astonishing 94.4%.
However, the recent revival of TROLL is credited to a playful move by Elon Musk. The current price of Troll stands at $0.0000001041, reflecting an 18.89% increase in the last 24 hours and an astounding 1373.68% surge in the last 7 days. The memecoin’s recent gains are a testament to the unpredictable yet lucrative nature of the crypto market, where social media moves by influential figures can create significant waves and opportunities for traders.
While the recent success story of turning a $300 investment into $1.03 million through astute crypto trading is undeniably intriguing, it serves as a reminder that the cryptocurrency market remains highly volatile and unpredictable. Traders should exercise caution and conduct thorough research before making investment decisions.
