Some traders managed to turn a meager investment of $158 into $47,000 (on average) within just 24 hours, thanks to a well-timed move following a tweet from tech mogul Elon Musk.
What Happened: Pseudonymous analyst dealer.eth on X said that Musk’s tweet caused a surge in a token known as OCISLY, leading to significant gains for those involved.
Traders capitalizing on the opportunity were able to generate substantial profits, with some witnessing a return of over 120 times their initial investment.
In response to a tweet by SpaceX announcing the successful landing of Falcon 9’s first stage on the “Of Course I Still Love You” droneship, Musk expressed his affection for the vessel by stating, “Of Course I Still Love You (OCISLY).”
That droneship and two other SpaceX barges — "Just Read the Instructions” and "A Shortfall of Gravitas" — are nods by Musk to spaceships from sci-fi writer Iain M Banks‘ books.
Dealer.eth, who closely examined the situation, stumbled upon a particular wallet that seemed to have insider knowledge or simply experienced remarkable luck. This wallet, along with countless others identified by the analyst, participated in the buying frenzy of OCISLY tokens following Musk’s tweet.
The initial trades commenced with a mere 0.10 ETH, which is equivalent to approximately $150. However, the subsequent surge in the value of OCISLY resulted in astronomical gains.
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Why It Matters: One wallet in question made a series of purchases totaling around 813,279,048 OCISLY tokens, ultimately accumulating a profit of $41,473.14. Notably, the token’s value skyrocketed more than 100 times within a short period following Musk’s tweet.
This is not the first time tweets by Musk have spiked a token's price. Musk is the richest person in the world and also one of the most vocal supporters of the Shiba Inu-themed meme cryptocurrency. In the past, tweets by Musk about Dogecoin DOGE/USD have led to spikes and high volatility.
Price Action: At the time of writing, Bitcoin BTC/USD was trading at $26,227.36, down 0.13% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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