Following a change in Elon Musk's profile on Days, a dramatic shift in cryptocurrency value occurred, with $10,000 seemingly transforming into over $1 million.
Blockchain data provider LookOnChain reported, based on Etherscan data, that traders swapped around 4.3 Ethereum — valued at approximately $10,000 at the time — for a massive 19 trillion TROLL tokens.
On that very day, these traders liquidated 9 trillion of these TROLL tokens to recoup their original investment, retaining 10 trillion tokens. At one point, these remaining tokens were valued at $1.34 million. Although the price has since declined, the current value of the TROLL holdings stands at around $864,000, marking an astonishing 8,540% increase from the initial investment.
TROLL, which was launched in April 2023, initially followed the typical trajectory of memecoins, with a short-lived spike in price before reverting nearly to its original value. This pattern was disrupted on January 9, when a change in Musk's X profile led to an extraordinary surge in TROLL's value, skyrocketing over 150,000% in just three days.
A similar phenomenon was observed with another memecoin named "Grok," unrelated to but sharing its name with Musk’s artificial intelligence project. Grok coin (GROK) rapidly gained traction, becoming one of the most significant memecoins in the market. At its height, on November 13, GROK reached a peak price of $0.027, boasting a market capitalization close to $200 million, positioning it as one of the prominent new meme coins of the cycle.
Investigations by blockchain analyst ZachXBT, shared in an X post, uncovered that several Grok-related social media accounts and websites had been repurposed from older projects, leading to latecomers suffering losses amid the frenzy surrounding GROK.
