A crypto trader has seen a $370,000 profit in an almost forgotten digital asset in his portfolio during a swift turn of events, according to a post by Lookonchain. The trader, who spent 9.1 $ETH, equivalent to $21,600, in September 2024, to buy 8.02 billion ASTEROID tokens, saw the value of his digital assets decline to almost zero before the sudden surge.
A Long-Term Holder’s Benefit
It took a total of 580 days for the significant turn of events, triggered by Elon Musk’s response to a now-viral post about the meme coin in X. In a swift move, ASTEROID Shiba gained over 45,000% to become one of the most talked-about events in the cryptocurrency circle. The token’s market cap surged past $20 million, causing the trader’s holdings to rise to $392,000 in value, which reflects a $370,000 gain.
The Dying Wish of ASTEROID’s Creator
ASTEROID is a Shiba Inu-based meme coin designed by Live Perrotto, a 15-year-old girl who tragically died of cancer earlier this year. Before her passing, Perrotto wanted to ask Musk if he would make the cryptocurrency a SpaceX mascot.
Musk did not answer the question until this week, when an X user, Glenn Beck, brought the question to light, highlighting Perrotto’s wish and a list of questions she had for Musk. Unfortunately, she was too tired to ask those questions herself when she had the opportunity to speak to the American entrepreneur.
Traders Benefit From Musk’s Influence
Musk responded to Beck’s post with a three-word phrase: “Will answer shortly,” which threw the ASTEROID community into a frenzy, boosting its demand like never before and leading to a massive rally in the meme coin’s price.
Besides the individual trader who gained about $370,000 from the ASTEROID “fever,” other speculative crypto users profited significantly from the incident. Arkham Intelligence identified a trader who swapped 1 $ETH into ASTEROID, whose position grew to nearly $474,000 within three hours. Another trader who bought the token in its early stages generated $210,000 while still holding $84,000 in ASTEROID.
ASTEROID’s Potential to Retrace
While the crypto industry is going “crazy” over the wild surge in ASTEROID prices, it is worth noting that scenarios like this raise the prospect of sharp corrections. If early holders resolve to profit-taking, the thin liquidity typical of low-cap meme coins could amplify any downturn, potentially leading to massive losses.
In the meantime, ASTEROIDBOT, a separate token that rode on the same narrative, has gained 15%.
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