Crypto Trader Makes $1 Million from Memecoin Following Elon Musk’s Bio Change

Crypto traders are reaping immense profits due the recent Elon Musk’s recent activities, particularly his bio changes on X (formerly Twitter). 

One of the traders turned a $10,000 investment into a whopping $1 million windfall within 10 days. 

This success story was because of the trader’s strategic move to invest in Troll (TROLL) tokens following Musk’s playful alteration of his X bio to read “Chief Troll Officer (CTO).”

On-chain data from Etherscan and LookOnChain gave a deep insight into this. The trader initiated the journey by withdrawing 4.313 Ethereum (ETH) from Binance and leveraging this capital to purchase 19.37 trillion TROLL tokens. 

In just 10 days, this trader turned $300 into $1.03M!😱

How did he do it?

After noticing that @elonmusk had changed his Twitter profile to "(CTO) Chief Troll Officer", this trader immediately withdrew 4.313 $ETH($10,113) from #Binance and spent 4.3 $ETH to buy 19.37T $TROLL.… pic.twitter.com/NWO7j4pyq4

— Lookonchain (@lookonchain) January 17, 2024

Swift and precise moves allowed the trader to recover the initial investment by selling some tokens. As of the latest data, the trader holds 10 trillion TROLL tokens, valuing the portfolio at an impressive $1.03 million. 

Despite a slight dip in recent TROLL valuations, the gains for this trader stand at an extraordinary 8,640%.

Elon Musk & Meme Coins

The influence of Elon Musk on the crypto market, mainly through his activities on social media, is undeniable. 

Musk’s decision to change his X bio description to “Chief Troll Officer” was a catalyst, triggering a surge in the TROLL token’s value. 

The impact was profound, with a 251% increase in less than 24 hours and an astounding 13,208% rise within six days.

Cryptocurrency traders seized the opportunity, leading to substantial profits for the investors. One trader, who invested $10,000, witnessed a remarkable transformation of their investment into over $1 million. 

Another trader, with a $30,000 investment in TROLL, reaped an even more substantial profit, crossing the $2.7 million mark.

Elon Musk’s ability to sway the crypto market has been a consistent occurrence. 

Notable instances include Musk’s tweets in 2021, which propelled Dogecoin’s value by over 50%, and his association with the X platform, where his activities have led to significant price surges for various meme coins.

Dogecoin is the people’s crypto

— Elon Musk (@elonmusk) February 4, 2021

The intersection of meme coins and Elon Musk’s influence has proven to be a volatile yet lucrative arena for crypto traders.

A close instance is the TROLL token, which initially launched in April 2023 and has seen a surge of over 150,000% in just three days following Musk’s bio change. 

This phenomenon echoes past instances where Musk’s activities on X had a transformative impact on meme coins. 

A prime example is the Grok (GROK) memecoin, which soared to a peak price of $0.027, commanding a market capitalization of nearly $200 million. 

However, the euphoria surrounding GROK was just for a short time, as investigations revealed repurposed social media accounts and websites tied to the project.

Related: Twitter-X Secures License for Cryptocurrency Payments and Trading