Meme coins still an effective profit source for Smart Money

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 January 11-18, 2024. This implies that any purchases and holdings made before January 11 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.

Elon Musk inadvertently propels meme coin to $13.4M in profits

When Elon Musk changed the bio of his account on X (formerly Twitter) to "(CTO) Chief Troll Officer," crypto degens took this as a signal to buy the Troll ($TROLL) meme coin en masse. This drove the price of $TROLL up by almost 17x during the past week and 288x from last month. From this major upswing, 437 Smart Money investors gained an average of $30,746.26 in profits, or about $13.4M in total, at an average ROI of 402.58%. However, the token's net outflow of $6.1M likely signals that Smart Money investors are exiting this token once they have made their profits.

Other meme coins that made their marks on Smart Money's gains this week are Jungle ($JNGL) with $11,486.53 in average profits for 27 addresses and Byte ($BYTE) with $5,765.24 in average earnings for 31 investors.

Crypto derivatives token's bullish January benefits 20 Smart Money holders

ApeX ($APEX) started 2024 at $0.33; about three weeks later, it jumped as high as $2.84. This huge leap is likely connected to the crypto derivatives platform's integration of smart contracts from Stacks to scale Bitcoin, putting $APEX into a boom cycle that many other projects associated with the Bitcoin ecosystem have seen in recent months. For Smart Money addresses, their $APEX holdings brought them an average of $24,810.08 in profits this week, at an average ROI of 48.92%.

NFT index project brings $775,000 in gains amid new token mechanics

Floor Protocol ($FLC) recently rolled out an update that links the value of its token to the performance of the top NFTs on Ethereum and other blockchains. Over the past 7 days, $FLC increased by 47.9%, resulting in $21,548.02 worth of average profits for the 36 Smart Money investors that held the token.

More Smart Money tips here:

To know more about the latest trending tokens for Smart Money, you can try out Scopechat, our new AI-powered crypto trading assistant. To see more tokens that are attractive to Smart Money at the moment, just open Scopechat, select the Trading Assistant, click "I don't know" as a response to the first question, and select the Whale Tracking and Copy Trading tab to see the list of top performing tokens for Smart Money. You can also see the top buys and sells of Smart Money Investors.

Try Scopechat here.

Smart Money Addresses to Watch This Week

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

- 0x4336, the top profit-gainer among $TROLL holders. This investor started buying around $75,000 worth on January 11 at between $0.000000011 and $0.000000022. The address' current $TROLL portfolio is now worth around $450,000, a significant contributor to its $515,000 in profits this week.

- A group of $TROLL holders (0xaca4, 0xc5cc, 0xc1887, 0x9afb4, 0xc0a6, 0xad01) whose profits ranged from $230,000 to $461,000, mainly thanks to the much-hyped meme coin.

- 0xfc3a, whose frequent trades on the $APEX token since January 6 contributed greatly to about $465,000 in profits this week. This address currently holds $142,000 in $APEX tokens.

- 0x991a, which started trading $FLC in November 2023 and mainly accumulated its position in the NFT index token last month, well before the token's rapid increase this month. This wallet's $FLC portfolio is currently worth $110,000, including $46,000 staked on Uniswap.

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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