HIPP, more meme coins shine in low-volume week

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 September 1 to 7, 2023. This implies that any purchases and holdings made prior to September 1 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, the overall cryptocurrency market is still struggling, with trading volumes remaining at a low level. Smart Money continues to focus primarily on purchasing low-cap meme tokens. Tokens that have performed well in recent months, such as Unibot ($UNIBOT) and HarryPotterObamaSonic10Inu ($BITCOIN, yes that’s its actual ticker), have also experienced significant retracements.

This week, El Hippo ($HIPP) emerged as the top performing token for the 100 Smart Money addresses identified by Scopescan. The 45 addresses that held HIPP this week have logged an average ROI of slightly above 50%, for total profits worth more than $250,000. Beyond its recent listing on MEXC and the usual community promos, not much is known about this meme coin beyond its general price uptrend since late August.

According to Scopescan data, Smart Money appears to have adjusted their trading strategy, becoming quicker to sell after buying. The average holding period for a new token has shortened to 1–2 days, and approximately 70–80% of tokens are sold shortly after purchase.

Furthermore, it’s evident that the lifespan of each meme coin has also shortened, with most participants aiming to lock in profits as swiftly as possible rather than holding for the long term. $BITCOIN, which stated on its website that it is the “sh*tcoin of sh*tcoins,” and Pond Coin ($PNDC), which botched its token launch in late July, each experienced net outflows worth more than $450,000 from Smart Money addresses.

Smart Money Addresses to Watch This Week

HIPP was the top performing token for the Smart Money address (0xc4b7ab45145fc7f62779e3f6f4d013aec4ddafa5) with the highest profit this week, amounting to more than $55,000. This wallet almost exclusively contains $HIPP tokens and notably bought low on several occasions this week before selling high as recently as Sept. 6 in two transactions worth more than $20,000 combined, resulting in a 47.78% ROI. Aside from this wallet, 13 more Smart Money addresses also extracted fairly significant profits from $HIPP.

The next highest-profit Smart Money address, the-lord-giveth-and-the-lord-tak.eth (cool ETH domain), holds several other meme coins in its portfolio. On Sept. 4, this address bought $139,000 worth of $BITCOIN meme coins on the CoW Protocol. The next day, it sold its $BITCOIN tokens and earned around $7,700, making up a significant part of its total profit of about $47,500 this week.

Also profiting from $BITCOIN is the Smart Money address (0xe0b03a8378236c081fe4a69c0c879dfdbe6dd9b8), which received around $180,000 in $BITCOIN meme tokens from an EOA on Sept. 6 and promptly traded everything for $ETH on Uniswap within less than an hour. This address netted more than $35,000 in profits from trades involving its assortment of meme tokens. In total, 16 out of 100 Smart Money addresses recorded the biggest proportion of their profits from $BITCOIN.

The quick trades undertaken by Smart Money on meme coins this week further highlight the recent paper hands approach by top traders regarding meme tokens.

If you’re interested in tracking more tokens and Smart Money addresses, feel free to join our Discord https://discord.com/invite/zsYT3Jet5Y and Telegram https://t.me/Scope_0x communities to engage in discussions with us.

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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