A crypto trader turned $10,000 into $1.3 million with a well-timed purchase of the TROLL token after Elon Musk updated his bio to “Chief Troll Officer” on X.
Thousand to Millionaire
A trader reportedly turned $10,000 into over $1 million in less than 10 days by purchasing Troll (TROLL) memecoin shortly after Elon Musk changed his X (formerly Twitter) bio to “Chief Troll Officer.” The trader converted 4.3 Ether (approximately $10,000) into 19 trillion TROLL tokens, according to Etherscan data cited by blockchain data provider LookOnChain.
In just 10 days, this trader turned $300 into $1.03M!😱
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
— Lookonchain (@lookonchain) January 17, 2024
The trader reportedly sold 9 trillion TROLL tokens on the same day to cover their initial buy-in, and they retained the remaining 10 trillion tokens. At one point, the remaining TROLL tokens were worth $1.34 million. Despite a subsequent price decline, the TROLL stack is still valued at $864,000 at current prices, representing an 8,540% gain from the initial capital.
Spot Bitcoin ETFs scoop up another 10,600 BTC on day 5
As of January 17, data from CC15Capital on X (formerly Twitter) indicates a net addition of $440 million in Bitcoin to institutional holdings. BlackRock’s ETF led the way with the purchase of 8,700 BTC, valued at nearly $358 million. Nine ETFs, excluding Grayscale, have collectively acquired nearly 68,500 BTC since their launch, now worth around $2.8 billion. However, outflows from the Grayscale Bitcoin Trust (GBTC) continued, with 10,824 BTC, approximately $445 million, being sold. GBTC has witnessed an outflow of nearly 38,000 BTC since its conversion to a spot ETF on January 11.
FINAL Day 5 Update for 1/17 #Bitcoin ETF Holdings👇$GBTC finally posted their data, showing 10,824 $BTC outflow.
On a net basis, ETFs bought 10,667 #Bitcoin on Day 5.
Ready for 1/18 reports 🧮$IBIT $FBTC $ARKB $BITB $BRRR $BTCO $HODL $EZBC $BTCW $DEFI $GBTC pic.twitter.com/WFEkvStjBc
— CC15Capital 🇺🇸 (@Capital15C) January 18, 2024
SEC delays decision on Fidelity’s proposed spot Ethereum ETF to March
The Securities and Exchange Commission announced its decision on the 18th of January, stating that it was delaying its decision so it has sufficient time to consider the proposed rule change and potential issues raised. The commission stated in its filing,
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”
The Securities and Exchange Commission (SEC) has delayed its decision on the Fidelity Ethereum Fund, pushing the date to March 5. Fidelity applied for a spot Ethereum ETF in November, citing a court ruling that questioned the SEC’s rationale for approving futures-based products while rejecting spot crypto ETFs. The delay provides the SEC with additional time to consider whether to approve or disapprove the application.
The final deadline for VanEck’s Ether ETF decision by the SEC is set for May 23. Analysts speculate that the SEC could approve multiple Spot Ether ETFs simultaneously, similar to the recent approval of spot Bitcoin ETFs.
Also read: CRYPTO MARKET REVIEW IN 2023 AND NARRATIVES IN 2024