The Elon Musk effect: a happy trader turned $10,000 into $1.3 million

The Elon Musk effect: a happy trader turned $10,000 into $1.3 million

Tesla CEO Elon Musk

One cryptocurrency trader has turned $10,000 into more than $1 million via the Troll (TROLL) meme coin after Elon Musk put “(CTO) Chief Troll Officer” on his X profile.

After noticing the change to Musk’s profile on Jan.9 , the trader quickly bought 19.37 $TROLL with 4.313 ETH worth $10,113. During a sensational pump of 150,000% in three days after Musk’s profile changed, the trader sold 9 trillion TROLL worth $1.34 million.

The remaining holding is currently worth around $836K, according to DeBank.

Elon Musk Effect on Meme Coins Continues

TROLL flatlined after launch in April last year until the incredible pump triggered by Musk. The token is now added to the list of meme coins that have soared after his intervention.

The Musk effect has previously seen meme coins like Dogecoin, Shiba Inu, Floki, Baby Dogecoin, and MiLady skyrocket in value.

On November 5, a meme coin known as GROK launched as Musk announced the release of the Grok AI chatbot. GROK pumped by over 33,000% as traders capitalized on its hype. GROK later plummeted amid claims of being a scam.

Musk’s effect on meme coin prices has previously landed him in legal trouble, too. Dogecoin investors accused Musk of market manipulation through his actions.

Musk’s lawyers called for the dismissal of the case, saying “tweeting words of support” and “funny pictures” did not amount to manipulation.

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