Outside Source
A cryptocurrency trader who invested $10,000 in the meme coin Troll has recently realized a profit of over $1.03 million, thanks to capitalizing on Elon Musk’s updated bio description on X (formerly Twitter).
On January 9, Musk altered his X profile description to “(CTO) Chief Troll Officer” and posted a message containing a similar phrase without additional explanation.
Traders Profit from Elon Musk’s Twitter Profile Change
Taking advantage of Musk’s Twitter profile change proved highly profitable for a fortunate trader who turned a losing investment into a remarkable profit in a short period.
According to on-chain data from Lookonchain, the trader noticed Musk’s profile change and swiftly withdrew 4.313 ETH ($10,113) from Binance.
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
Using 4.3 ETH, they purchased 19.37 trillion TROLL tokens and sold 9.37 trillion TROLL for 5.318 ETH ($12,467), recovering the initial cost. The trader now holds 10 trillion TROLL, currently valued at $1.03 million.
In a similar story, another crypto trader invested $30,000 in the meme coin Troll and earned a profit of over $2.7 million.
The trader spent $30,000 to acquire 80.77 trillion TROLL tokens. Despite being in a losing position for months, the investor’s portfolio experienced a surge, resulting in a substantial gain of $2.79 million.
Elon Musk’s Activities Influence on Crypto
Elon Musk, who holds a prominent position on the social media platform X and is also the CEO of Tesla, is widely recognized in the crypto space for his influence on various projects. Not surprisingly, his recent profile description change garnered significant attention, with thousands of comments, likes, and reposts.
The TROLL token, associated with this event, experienced an unprecedented surge, reaching a peak increase of 251% in less than 24 hours and a 13,208% surge within six days.
Elon Musk’s influence extends beyond Troll, as demonstrated by the impact of his X activities on various meme coins.
In November 2023, a picture of his dog Marvin posted on X led to a more than 400% surge in the memecoin Marvin Inu, settling at approximately 100% higher than its value the day before.
Previous activities, such as dressing his pet Floki as the CEO of X, resulted in a 40% surge in Floki Inu, and a tweet about “Baby Doge” caused the coin’s price to jump by nearly 90%.
This article first appeared at CryptoPotato
