DeFi token leads despite meme coin's $6M haul

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 November 9 to 16, 2023. This implies that any purchases and holdings made before November 9 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, while fast-rising meme coins have grabbed the public's attention, DeFi stalwart Yearn Finance ($YFI) became the most profitable token for Smart Money addresses, thanks to the almost 2x growth in its token price. $YFI, valued at around $6,500 to start the week, is currently close to $13,000 after a 96.8% boost, with no major developments aside from its recent yPrisma airdrop activity. As a result, the 7 Smart Money addresses that invested in $YFI received an average of $22,214.73 in profits, at an average ROI of 48.26%.

Meanwhile, the latest meme coin emerging as a profit source for Smart Money is Grok ($GROK), which is named after, but not affiliated with, the newest AI service from known meme coin instigator Elon Musk. $GROK reached $160M in market cap eight days after its November 4 launch, but it has been a very volatile asset to trade, with notable downturns and allegations of links to previous rug pulls. Nonetheless, $GROK raked in a total of $5.96M in profits for the 380 Smart Money addresses that bought the token this week. On average, Smart Money $GROK holders earned $15,676.64 in profits, at an average ROI of 113.62%, putting the project at the No. 5 spot in our rankings.

Another meme coin ended up bringing in higher per-address profits than $GROK, albeit with a bit less hype. The meme coin Memecoin ($MEME) saw its price skyrocket from $0.021 to as much as $0.04, mounting a 2x bull run similar to what happened at $YFI and putting it just behind the DeFi token in this week's rankings. Unsurprisingly, the quick doubling of $MEME's price resulted in an average of $18,476.68 in profits for the 30 Smart Money addresses that invested in the meme coin, which was launched late last month by the team that created the meme website 9GAG.

Other notable tokens in this week's rankings include GameFi project Echelon Prime ($PRIME) and DEX platform dYdX ($DYDX), respectively No. 3 and No. 4 on our list.

$PRIME rose 46.9% this week, amid the recent public beta launch of the Priming gaming asset management platform, an Echelon Prime partner. 26 Smart Money investors in $PRIME raked in an average of $18,397.23 in profits, and its $150,888.39 in net inflows likely indicate that Smart Money will hold on to the token in the near term.

Meanwhile, $DYDX is in the middle of launching its own blockchain, migrating from Ethereum. The DEX recently started the beta period for dYdX Chain, which features limited trading functions. Amid this development, the DeFi token rose 55.4%, resulting in an average profit of $17,639.36 for the 4 Smart Money addresses that are invested in the crypto asset.

Smart Money Addresses to Watch This Week

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

This week's top Smart Money earner is peedan.eth, which bought 47.4M $MEME tokens (worth $1.15M) from Binance before the token's price hike. This address earned $519,000 from this significant investment in $MEME, at an ROI of 45%.

Another Smart Money address that parlayed its exchange-bought tokens to high profitability is 0xe945, whose purchase of 83 $YFI tokens from HTX resulted in $410,000 in profits at a 60% ROI.

Smart Money address 0x6e12, currently the 43rd biggest $GROK whale according to Scopescan's Whale Watch dashboard, surpassed all other $GROK investors with $231,753.67 in profits gained. This investor started buying $GROK on November 8, spending just about $44,000. Aside from a $125,000 sell-high transaction on November 14, 0x6e12 continued accumulating $GROK, which effectively makes up the wallet's entire $269,000 portfolio.

Meanwhile, top $GROK holder grokwhale.eth profited $124,096.78 primarily from its investment in the meme coin. This address gathered a huge majority of its 251.5M $GROK holdings last week, before the token's major bull run.

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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