By
Bena Ilyas
April 23rd, 2024
Meanwhile, the decline in TROLL is not an isolated incident among Musk-inspired meme coins that experienced a significant drop following a price surge.
Elon Musk-inspired meme coin TROLL, launched last year, has experienced a substantial decline within the past 24 hours.
Blockchain security firm PeckShield reported on X that the token has witnessed a 58% drop since January 30, 2024. However, data from CoinMarketCap reveals an even more pronounced decrease, with TROLL facing a 63% decline over the past seven days and a 41% drop within the last 24 hours.
#PeckShieldAlert #slippage $Troll -58%#ElonMusk pic.twitter.com/Zi0KB9Cbyg
— PeckShieldAlert (@PeckShieldAlert) January 31, 2024
The Chief Troll Officer
The significant downturn coincided with Musk removing the “Chief Troll Officer” title from his X profile, triggering a downward spiral in the token’s value. The move prompted investors to hastily sell their holdings, resulting in a sharp decline for the memecoin.
Initially, when the billionaire CEO of SpaceX and Tesla playfully added the title to his social media bio, TROLL experienced a surge to an all-time high, turning small investments into substantial returns for some. LookOnChain, a blockchain data company, said on X that a crypto trader who initially invested $300 managed to turn it into an impressive $1.03 million.
Etherscan data, provided by the blockchain data company, revealed that the trader converted 4.3 Ethereum (Ether), valued at around $10,000 at the time, into approximately 19 trillion TROLL tokens.
As the token’s value increased, the trader sold 9.3 trillion TROLLs for 5.318 Ether, covering the initial investment and leaving 10 trillion TROLLs in their account, initially worth $1.03 million. However, the value of TROLL has since decreased from its peak, settling at $864,000 on January 18, 2024.
Introduced to the crypto market in April 2023, the meme coin has been on a downward trajectory since the surge influenced by Elon Musk. The meme coin is currently valued at around $0.000001992 at the time of writing.
GROK Drops 74%
Meanwhile, the decline in TROLL is not an isolated incident among Musk-inspired meme coins that experienced a significant drop following a price surge.
In November last year, another memecoin, named after Musk’s artificial intelligence venture Grok, faced a staggering 74% decline. This drastic plunge was attributed to blockchain investigator ZachXBT, who asserted that the project had dubious origins associated with scammers.
ZachXBT revealed on the X platform that the tokens were repurposed from previous crypto projects, including an abandoned meme coin named ANDY, which had witnessed a substantial decline from its peak value.
Within five hours after ZachXBT’s disclosure, GROK, the Musk-inspired meme coin, witnessed a freefall of 74%, plummeting from its all-time high of $0.027 to a low of $0.007.However, the drop continued; currently, the token is valued at $0.003 at press time.
Adding to the meme coin woes, back in June, the value of another meme coin Bob (BOB) experienced a notable 45% decline. This downturn occurred when the widely used automated Twitter (X) bot associated with the coin was suspended. Musk, the social media platform owner, had labeled the account a “scam”, sending the token to the bears.