Late January and early February 2025 provided ample – if ephemeral – opportunities for swift meme coin traders to make a massive profit with either high-profile or accidentally prominent cryptocurrencies.
The most recent such example emerged after the billionaire owner of the social media platform X, Elon Musk, adopted the alias Harry Bōlz – most likely a play on hairy balls – thus sparking a massive rally for an obscure and otherwise illiquid HARRYBOLZ token.
A cryptocurrency wallet labeled ‘LeBron’ was, as it turned out, perfectly positioned for such an eventuality. Since February 7, the trader behind the address held 128.8 million HARRYBOLZ, purchased for 25 Solana (SOL) – ~$4,807.
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Musk’s decision to change his username led to a rally that eventually enabled ‘LeBron’ to sell a large part of his meme coin holdings – 109.8 million – for 3,649 SOL (~$737,000) and keep more than $270,000 in unrealized gains, per the information Finbold retrieved from Lookonchain.
‘LeBron’s’ suspicious TRUMP and MELANIA inauguration trade
The ‘LeBron’ wallet is itself interesting as it made a total of over $12 million trading the OFFICIAL TRUMP (TRUMP) and Official Melania meme (MELANIA) in late January.
The success is remarkable as, as is frequently the case with meme coin launches, many investors were left ‘holding the bag’ due to the new cryptocurrencies’ violent price fluctuations.
For example, MELANIA briefly rallied to $13.05 but by press time collapsed 89.19% from the highs and is, at press time, changing hands at $1.41. Though TRUMP had more staying power, it is, nonetheless, at $15.39, 78.62% below its highs at approximately $72.
The growing link between Elon Musk and meme coins
As for the HARRYBOLZ trade, though the timing appears clairvoyant, it is worth pointing out that February 2025 isn’t the first time Elon Musk used the alias. Furthermore, the billionaire has a long-standing relationship with multiple cryptocurrencies.
For example, he became so strongly associated with Dogecoin (DOGE) after triggering one of its earlier rallies that he ended up controlling a new semi-government agency: the Department of Government Efficiency (D.O.G.E.).
Musk also became associated with Shiba Inu (SHIB) as the mainline meme dog is a shiba inu, and he historically had an impact on the price of even the biggest cryptocurrency of all, Bitcoin (BTC), with his Tesla (NASDAQ: TSLA)-related announcements.
Featured image via Shutterstock
