Floki-made meme coin brings top profits, controversy

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 October 26 to November 2, 2023. This implies that any purchases and holdings made before October 26 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.

The major story this week is the debut of TokenFi ($TOKEN), a meme coin created by the team behind Floki ($FLOKI) another meme coin that evolved into an ecosystem with DeFi and NFT products. $TOKEN launched on October 27 as a multichain token on Uniswap and PancakeSwap for Ethereum and BNB Smart Chain. Since then, the token's value jumped to around $0.047, making 389 Smart Money investors happy with a cumulative profit of $5.2M, at an average ROI of 24,506.74%.

However, this token launch is currently marred by controversy, after crypto exchange Bitget recently delisted $TOKEN days after its launch on the platform. Bitget alleged that the meme coin was manipulated on decentralized exchanges and that Floki's team added just $2,000 worth of tokens to liquidity pools. Floki then claimed Bitget's listing of $TOKEN was unauthorized and accused the exchange of facilitating millions in trading volume behind a made-up version of $TOKEN before ultimately delisting it. "This is like opening an eight-figure short position on $TOKEN and expecting it to crash so they can buy lower to cover their hole," Floki claimed.

Meanwhile, the second-biggest profit earner for Smart Money this week is Joe Coin ($JOE), continuing the momentum from its No. 4 rank last week. $JOE delivered $715,000 in earnings for the 142 Smart Money addresses that held the token, at an average ROI of 53.16%. $JOE was one of the meme coins affected by the recent Unibot hack, as the hacker sold off a significant portion of $JOE tokens, leading to a price drop. The meme coin's community quickly responded, with other members purchasing and driving the price back up, even reaching new highs soon after.

Rollbit Coin ($RLC), a mainstay in our rankings over the past several weeks, is currently No. 3 on our list with about $456,000 in profits delivered to 40 Smart Money addresses. The crypto gambling token recently reached an all-time high of $0.239, continuing its month-long momentum in the markets.

Smart Money Addresses to Watch This Week

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

During this week, a significant number of Smart Money investors have been buying $TOKEN. We've compiled an Entity dashboard on Scopescan that includes all the TokenFi Smart Money holders, including this week's top profit gainer: 0x6cf2. This investor earned $570,000 mainly through its early investment in $TOKEN, spending around $57,000 worth of tokens before the recent spike in the meme coin's value.

Another top gainer thanks to $TOKEN is 0xbcdb (also known as fuckyoumoney🐳.eth), which spent an entire week accumulating 11.7M $TOKEN tokens both before and during the meme coin's rapid rise, resulting in $451,000 worth of profits.

Aside from $TOKEN, its fellow meme coin $JOE also brought major profits to at least one Smart Money trader. This week, 0xecf7 has been continuously buying JOE tokens, exchanging HarryPotterObamaSonic10Inu ($BITCON), USD Coin ($USDC), and SPX6900 ($SPX) for $JOE. 0xecf7 has purchased a total of $274,000 worth of $JOE, making it the sixth-largest holder of JOE tokens, while also making $132,000 in profits along the way. 0xecf7 is also one of the largest holders of Bitcoin and Hilo ($HILO) tokens.

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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