According to Cointelegraph: A cryptocurrency trader has, seemingly, transformed a $10,000 investment into over a million dollars in under 10 days, thanks to a well-timed purchase of the Troll (TROLL) memecoin, immediately after Elon Musk's bio on X (formerly Twitter) was updated to “Chief Troll Officer.”
Blockchain data provider, LookOnChain, cited Etherscan data showing that the trader converted around 4.3 Ether, worth nearly $10,000 at that time, into 19 trillion TROLL tokens. The trader sold 9 trillion TROLL tokens the same day to recover their purchase cost and kept the remaining 10 trillion TROLL tokens, which were valued at $1.34 million at one point.
Despite significant price fluctuation since then, the trader's TROLL stash is presently worth around $864,000, showcasing an impressive growth of 8,540% from initial capital investment.
Launched in April 2023, TROLL, like other memecoins, briefly peaked before plummeting near its starting price. However, Elon Musk's X bio change on January 9 injected a new life into the token, propelling it by over 150,000% in just three days.
In 2021, single, deliberate tweets from Musk amplified the popularity of his then-favorite memecoin, Dogecoin. This phenomenon repeated itself when "Grok," another meme-inspired coin unaffiliated with Musk yet borrowing its name from Musk’s AI project, emerged as among the most significant memecoins in the market.
Grok (GROK), at its maximum price of $0.027 on November 13, boasted a nearly $200 million market capitalization, making it one of the largest new memecoins in the current cycle. Unfortunately, late entrants to the GROK fad took a loss after blockchain investigator ZachXBT’s X post disclosed previous projects' repurposing of various social media accounts and websites linked to Grok.