A crypto trader who invested $30,000 into the meme coin Troll has just earned a staggering profit of over $2.7 million, all thanks to riding on Elon Musk’s new bio description on X (formerly Twitter).
Elon Musk’s Influence on Troll
Elon Musk, who is at the helm of affairs on the social media platform X and also the CEO of Tesla is well known in the crypto scene for his influence on several projects. His activity on X has led to the creation of several memecoin. On January 9, he changed his X profile description to “(CTO) Chief Troll Officer”. He followed up the change with a post containing a similar phrase without further explanation
Unsurprisingly, his action attracted several engagements, including thousands of comments, likes, and reposts. The value of the TROLL token also saw an unprecedented surge rising as high as 251% in under 24 hours and a 13,208% increase in just six days.
The Lucky Trader
Seizing the opportune moment presented by Musk’s action, a lucky trader moved from a losing position in his investment to a place of remarkable profit within a short period.
According to on-chain data tracker Lookonchain, this trader spent $30,000 to buy 80.77 trillion TROLL tokens. After being in a losing position for months, the investor’s portfolio saw a rise of $2.79 million shortly after Musk changed his X bio description.
Created on the Ethereum network in April 2023, Troll mirrors the hype generated by Pepe Coin (PEPE). It experienced a significant surge in value following the launch. However, the initial enthusiasm waned, and over 229 days, the coin’s value plummeted by a staggering 94.4%.
The recent resurgence of TROLL can be attributed to Elon Musk’s X move, which has caused a buzz. However, just like every memecoin, Troll lacks utility and can be highly volatile. Therefore, investors are always advised to exercise caution when dealing with any crypto projects. The unpredictable nature, coupled with its speculative tendencies makes meme coins a challenging task. As social media continues to buzz with discussions about TROLL, it serves as a clear reminder of the inherent risks closely associated with investing in meme coins.
