Crypto casino token rolls past WBTC, meme coins

Scopescan’s Smart Money feature reveals the entities that consistently manage to extract value through unconventional trades. In this report, we will unveil the array of actions undertaken by these astute investors over the past week, with the aim that you glean insights that may prove illuminating.

The data presented in this article is derived solely from Smart Money transactions during the period of October 12 to 19, 2023. This implies that any purchases and holdings made prior to October 12 are not taken into consideration.

Smart Money’s Top Performing Tokens

Here are the tokens through which Smart Money has captured the most value this week. The tokens are ranked based on Smart Money’s profit amounts.

This past week, Smart Money traders benefited from an assortment of meme coins, Web3 projects that claim to use AI in their products, and other small-cap coins. We'll discuss two of the meme coins later, but first, we'll talk about a bullish gambling token and Wrapped BTC.

Rollbit Coin ($RLB), which leads this week's rankings and has also been in the pole position two more times in the past two months, has been on a roll. Fresh from its previous revelation of earning $38 million in revenues last month, the crypto casino token recently launched its Slotober user referral promotion, which likely bolstered its token value by as much as 32% this week. The token saw a whopping $1.93M in net inflows, with 48 Smart Money investors cumulatively gaining $331,766.65 in total profits at a 13.40% average ROI this week.

Meanwhile, Wrapped Bitcoin ($WBTC) made its holders happy this week, as Bitcoin's price rose sharply amid a couple of events that likely served as growth catalysts. A now-deleted and disproved breaking news tweet from Cointelegraph about the U.S. SEC's supposed approval of a new Bitcoin spot ETF resulted in $BTC briefly reaching $29,900, before losing some of those gains. Meanwhile, institutional investors such as Fidelity Investments, ARK Invest, and Invesco recently revised their proposed spot Bitcoin ETF with the SEC, likely signifying that there have been productive dialogues between the regulator and Bitcoin-invested institutions. $WBTC, ranked No. 8 in this week's list, is in the addresses of 7 Smart Money investors, who collectively gained $35,551.73 in profits from the Bitcoin-pegged token at a 15.45% average ROI.

Meme coins remain to be a consistent source of profits for Smart Money investors. SPX6900 ($SPX), last week's rankings leader, slid down to No. 2 this week but has become a mainstay in this report for the past few weeks. The meme token, notorious for being created as a parody of the S&P 500 index, recently reached a new all-time high of $0.01776. The 102 Smart Money investors that have $SPX in their portfolios earned a total of $184,508 in profits, good for an average ROI of 33.96%, despite net outflows of $27,341.97 this week.

Another Smart Money mainstay is HarryPotterObamaSonic10Inu ($BITCOIN), which holds the No. 3 spot on our list thanks to a relatively bullish run this week. The meme coin's price rose by as much as 50% to $0.083, bringing $173,964.38 in combined profits for its 84 Smart Money investors. However, the token saw $80,608.42 in net outflows.

Smart Money Addresses to Watch This Week

Let's take a look at some of the Smart Money investors worth watching this week

The top performing Smart Money investor is cygninae.eth, which is winning big on its $RLB bet. Earlier today (October 19), this address converted its 385 Lido-staked $ETH balance into $611,899.58 worth of $RLB tokens. In a matter of hours, cygninae.eth benefited from $RLB's surge from $0.145392 at the point of purchase for most of its holdings to as much as $0.162668, a major factor in the address' $164,951.0603 worth of profits earned this week.

Next on our Smart Money investor list is 0x50c1, which gained $48,808.87 in profits this week. On October 14, he spent 30 ETH (around $46,000) to buy StarLink ($STARL) tokens. At present, his investment has nearly tripled, as $STARL skyrocketed from his entry point of $0.0000015 to as much as $0.0000048. Whether the address' owner knows something about the project or not, their market moves merit close attention. This Smart Money investor is also the third-largest holder of Pond Coin ($PNDC) tokens.

Meanwhile, one Smart Money investor parlayed its $SPX buying spree this week into $44,393.89 in profits, at a 60.39% ROI. 0x0ec0 kept buying $SPX dozens of times on October 13-16 at an average buying cost of $0.01, before exiting its position in the meme coin at $0.016.

Aside from $RLB, another online casino token called Bazed Games ($BAZED) brought major profits for at least a couple of Smart Money investors. 0x8905 bought $BAZED and 0x0.ai ($0x0) tokens this week, and both tokens have seen very good gains since the purchase. This investor, which brought in $18,321.94 in profits at a 46.56% ROI, is currently staking its $BAZED holdings. Meanwhile, 0x4374 earned $15,758 this week, mostly by buying $BAZED tokens before its recent price surge. This address has achieved a very good profit rate this month, and almost all of the meme coins bought by this investor made money.

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Disclaimer

This report is based on sources believed to be reliable, but we cannot guarantee its accuracy or completeness and are not liable for any losses arising from its use. It provides general information only and should not be seen as investment advice; users must make their own investment decisions.

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