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On-chain data shows that a trader made a huge profit after Tesla CEO Elon Musk inspired the creation of a new meme coin.
According to data provided by Lookonchain, a trader withdrew 4.3 ETH from Binance after Musk changed his X bio to “(CTO) Chief Troll Officer.” The investor then spent the ETH to purchase 19.37 trillion TROLL coins.
In just 10 days, this trader turned $300 into $1.03M!😱
— Lookonchain (@lookonchain) January 17, 2024
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
Following Musk’s bio update on Jan. 8, the TROLL token witnessed a 57,000% rally over the past week — currently trading at $0.0000001256. The asset’s market cap surged to $120 million with a daily trading volume of roughly $38 million.
The upward momentum of TROLL, consequently, turned the trader’s 4.3 ETH, worth around $10,000, into $1.14 million in just a week.
Subsequently, the trader pulled out 5.3 ETH, worth $12,467, to get the initial investment back.
On-chain data shows that the address still has 10 trillion TROLL coins, worth $1.03 million.
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