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Crypto Trader Turns $2,500 Into $500K on Skyrocketing Ethereum Meme Coin
TL;DR
A trader turned 1 ETH, worth about $2,500, into nearly $500,000 by trading the ASTEROID meme coin, which surged over 71,000% in 24 hours after gaining attention from Elon Musk.
Key points
- Trader turned 1 ETH into nearly $500,000
- ASTEROID token surged over 71,000% in 24 hours
- Market cap increased from below $100,000 to nearly $19 million
Mentioned in this story
Elon MuskGlenn Beck
ASTEROID
In brief
- A trader on Ethereum turned 1 ETH, or around $2,500 worth, into nearly $500,000 after making a meme coin trade on Thursday.
- The 19-month old ASTEROID token surged in value after gaining attention via a social media interaction from Elon Musk.
- ASTEROID is up more than 71,000% in the last 24 hours of trading.
A meme coin trader turned 1 Ethereum (ETH) or around $2,455 into nearly $500,000 on Thursday after trading the surging Asteroid (ASTEROID) meme coin on the Ethereum network.
ASTEROID is up more than 71,000% in the last 24 hours, jumping from a market cap below $100,000 to nearly $19 million at the time of writing, according to data from DEXScreener.
The token, which is based on a Shiba Inu mascot named Asteroid, skyrocketed early on Friday following a social media post from media personality Glenn Beck, which earned a reply from X owner and SpaceX and Tesla founder, Elon Musk.
Beck’s post highlighted the story of Liv Perrotto, a teenage girl who he said maintained a list of questions for Musk, but passed away from cancer in January without the chance to get them answered.
Her final question would have asked Musk if Asteroid, the Shiba Inu mascot she created to act as the zero-g indicator for SpaceX’s Polaris Dawn mission in 2024, could become the face of SpaceX.
“Will answer shortly,” Musk said in reply to Beck’s post around 11:50 p.m. ET on Thursday. That post has now garnered more than 1.3 million views on X.
Eight minutes later, an Ethereum address ending with “EF99af” bought 1 ETH worth of ASTEROID tokens, first launched 19 month ago on Ethereum. The buy was good enough for more than 10 billion ASTEROID tokens.
As renewed attention bloomed around Perrotto and Asteroid with Musk’s reply, a massive surge in the meme coin ensued, quickly making the trader’s portfolio worth nearly $500,000.
THIS GUY TURNED 1 ETH INTO HALF A MILLION IN 3 HOURS
The first person to buy ASTEROID today only made $1,300, after selling for about 2x.
But trader 0x680 swapped 1 ETH to ASTEROID after seeing Elon’s tweet about it, and held - now he’s up $474,320 on the coin.
Q&A
How did the ASTEROID token increase by 71,000%?
The ASTEROID token surged in value after gaining significant attention from a social media interaction involving Elon Musk.
What was the initial investment amount that turned into $500,000?
The trader initially invested around $2,500, which was equivalent to 1 ETH.
What is the market cap of ASTEROID after its price surge?
After the surge, the market cap of ASTEROID rose to nearly $19 million.
