Meme coins reign over AI token, others

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 5 to 12, 2023. This implies that any purchases and holdings made prior to October 5 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 have profited from a wide assortment of altcoin categories, from DeFi- and gaming-focused tokens to small-cap coins with vague use cases. However, the top two spots in our rankings are dominated by meme coins, continuing a trend that has emerged over the past quarter.

SPX6900 ($SPX), a meme coin that was created as a parody of the S&P 500 index, reached its peak price of $0.0163 on October 4, before profit-taking from astute meme coin investors sent the token's value slightly down. The 106 Smart Money addresses that had $SPX holdings earned cumulative profits worth more than $100,000, sending the token to No. 1 in our latest rankings. Despite sell-offs, $SPX still saw around $88,000 in net inflows this week, a sign that token holders are still quite bullish. Take note that $SPX already appeared in our rankings a couple of weeks ago at No. 2.

Meanwhile, it seems that for each edition of this report, we feature a new meme coin. For this week, Jesus Coin ($JESUS) managed to bring significant profits for Smart Money traders, elevating it to the No. 2 spot. $JESUS briefly rose from a slump that began in June, boosting its price by almost 4x from October 3 to 9. As a result, 97 Smart Money addresses collectively earned about $67,000 in profits this week at an average ROI of 42.5%.

The No. 3 token on our list is 0x0.ai ($0x0), an "AI-powered" smart contract auditing project that also created a privacy DEX aggregator and mixer. $0x0 reached its all-time high of $0.089935 on October 12, surpassing its previous record peak in May. The 49 Smart Money addresses that owned $0x0 tokens rode the $0x0 upswing and netted $63,000 in combined profits. The token also saw $155,000 in net inflows this week.

Smart Money Addresses to Watch This Week

Let's take a look at some of the Smart Money trades that have occurred this week.

The top performing Smart Money investor is 0x4374, who gained $25,331.78 in profits from trading altcoins such as $0x0 and crypto prediction platform Hilo ($HILO). The address, which already held about 2.68M $0x0 tokens entering into this week, added around 360,000 $0x0 to its portfolio on October 6 at the $0.059 price point, before selling 246,000 tokens for $0.081 each. Profit-taking aside, it seems that this investor is maintaining its $0x0 stash, alongside other smaller holdings in 9 other crypto tokens. 0x4374 also made gains from buying about 154,000 $HILO tokens on October 7, entering a position at $0.15 and holding on as the crypto rose to as high as $0.22. In other words, 0x4374 is one Smart Money address to watch as it makes gains across multiple tokens.

Also benefiting from the $0x0 resurgence is 0x8905, which started the week (October 5) by buying around $11,700 worth of tokens. After selling a small fraction of its $0x0 holdings for $1,300 on October 7, the Smart Money addresses added $31,800 to its portfolio in the token on October 9 and 11. $0x0 is the only significant holding in this wallet, which gained $13,246.50 in profits. A total of 8 Smart Money addresses reported $0x0 as their most profitable token this week.

Meanwhile, the second-best performing Smart Money investor this week is 0x9a2f, which took advantage of the post-ATH slump of $SPX to buy low before the token's rebound. The address bought 550,000 $SPX on October 10 at price points as high as $0.009, then sat back and watched as the meme coin recovered to as high as $0.013. As a result, the investor saw profits worth $23,822.49 just by simply timing the market right. This Smart Money address also holds an assortment of at least three more meme coins, so it seems that this investor has found its niche.

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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