DeFi, Bitcoin ecosystem tokens shine profit-wise

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 from December 8 to 14, 2023. This implies that any purchases and holdings made before December 8 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 week, DeFi tokens stood out for Smart Money addresses profit-wise. Derivatives liquidity protocol Synthetix ($SNX) brought an average of $45,200.27 in profits for 2 Smart Money addresses that invested in the token. The project's community recently approved a proposal to incorporate token buybacks and burns, sending $SNX to its highest value since July 2022.

Trailing $SNX in this week's rankings is GameFi project Beam ($BEAM), which recently reached its all-time high of around $0.026 this week. Beam recently expanded its gaming ecosystem from Avalanche to Immutable zkEVM, spurring a bull run for the token and resulting in an average of $25,642.38 in profits for 50 Smart Money investors. However, its 41.20% 7-day realized percentage indicates that many of $BEAM's holders have sold off much of their token holdings.

Coming in at No. 3 is Injective ($INJ), an AI-focused crypto project that has leveraged the recent hype on AI to climb 254% in the past two months. 30 Smart Money addresses have been riding this AI-fueled momentum for $INJ, earning an average of $15,874.27 this week from buying or holding the token.

The next two spots in our rankings are occupied by projects that have benefited from the recent boom in the Bitcoin ecosystem. Multibit ($MUBI), a token bridge project that supports cross-network transfers between BRC20 and ERC20 tokens, continued its momentum from last week's 3x jump in token prices. $MUBI reached a new record high of $0.15, moments after a new listing on Bitget. As a result, the 69 $MUBI holders in our Smart Money address list each earned an average of $15,705.12 in profits.

Another project in the Bitcoin ecosystem that is making Smart Money investors happy is BitStable ($BSSB), which enables the generation of $DAII stablecoins against collateral assets on the BTC ecosystem. This new project, which started trading on December 7, has seen its value rise from $2.88 to $4.00 in just one week, resulting in an average profit of $14,530.44 for 9 Smart Money investors in $BSSB.

Meanwhile, the top profit-generating meme coin this week is The Doge NFT ($DOG), which saw its token value rise by 90.3% over the past 7 days. 54 Smart Money addresses took advantage of this pump, earning an average of $8,452.34 in profits from $DOG, but these addresses have likely exited their position in the meme coin, as shown by the token's high 7-day realized percentage of 86.34%.

Smart Money Addresses to Watch This Week

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

- 0xc4f6 has been buying $BEAM tokens since October, with the most recent purchase placed on December 9 for about 4M tokens at $0.016. The token has since climbed to as much as $0.026, resulting in profits worth $99,345.42 this week for the Smart Money address.

- 0x9cb4, a notable $SNX whale that also has a sizable stake in RabbitX ($RBX), has earned $2.5M in profits this year. This address has bought a lot of $SNX at $2.52, which is proving to be the right move given that the token recently skyrocketed to $4.38. Three days ago, this address started to sell $SNX in Binance after depositing about $500,000 worth of tokens.

- 0x162c is a Smart Money address with a slate of AI tokens in its portfolio. This address has a habit of swapping $BEAM tokens for other tokens like $LDO, $WOO, $OCEAN, $FET, and $PYR, among others, resulting in $600,000 in earnings this week and more than $1M this month.

- 0xb0a7 and 0x64a5, which respectively earned $57,282.58 and $55,592.84 this week from trading $MUBI tokens.

- 0x4B6F and 0xf5fb, the two addresses that received the most $BSSB tokens in the past 7 days.

Notes and Disclaimers

Crypto assets included in the Top Performing Tokens list are ranked based on the average profit amount generated by a Smart Money address on a specific token. The 0xScope team implemented this methodology on November 9, 2023. Previous Smart Money articles ranked tokens based on total profits per week.

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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