Overnight Millionaires: How 4 Traders Cashed In Big On This Meme Coin

Today, analytics platform Spot On Chain shared data on X (Twitter) about four traders who turned an initial $131,000 investment into approximately $6 million in profits by trading the meme coin TROLL.

The analysis states that the traders originally accumulated 82.15 trillion TROLL between May-December 2023. The profits accrued after TROLL surged 1,123% over 7 days, an event which coincided with Elon Musk updating his Twitter bio to “Chief Troll Officer.” This temporary bio change highlighted Musk’s continued influence over crypto asset prices, despite his lessened activity in the industry.

At time of writing, the four traders reportedly still hold 55.7 trillion TROLL, valued at $6.06 million. However, as seasoned crypto traders are aware, such fortunes can disappear as quickly as they materialize in this volatile market. Meme coins like TROLL in particular tend to trade on hype and speculation more so than project fundamentals.

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While some traders have recently profited from TROLL’s price swings, such major wins are more an exception than the norm. As always, experts advise traders thoroughly research assets and allocate capital judiciously based on individual risk tolerance. The crypto markets will likely continue displaying high volatility in 2024.

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Rene Peters
Rene Peters

Rene Peters is editor-in-chief of CaptainAltcoin and is responsible for editorial planning and business development. After his training as an accountant, he studied diplomacy and economics and held various positions in one of the management consultancies and in couple of digital marketing agencies. He is particularly interested in the long-term implications of blockchain technology for politics, society and the economy.