NFT platform becomes unlikely profit leader

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 2 to 9, 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.

Before discussing the top-performing tokens this week, the 0xScope team would like to inform its readers that it has made some methodology-related changes to the weekly report. Starting today, the tokens are being ranked based on the average profit amount generated by a Smart Money address on a token. By moving away from the previous system of ranking based on total profits, we further refined the basis for a token's performance by putting more emphasis on profits-per-address and less emphasis on a token's popularity and its likely impact on total profits.

This week, the top-performing Smart Money token is not any of the meme coins or low-cap projects that usually top the rankings. Major NFT marketplace Blur ($BLUR) has brought an average profit of $24,642.05 to the three Smart Money addresses that invested in the token. Blur saw its token's price grow by more than 60% this week and 136% this past month, driven by a recent upswing in NFT sales that solidified its lead over main rival OpenSea.

Following Blur in the rankings this week is Truebit ($TRU), a Web3 verification project that recently launched a verified computing platform for enterprise apps. After about six months of being stagnant at around or below $0.1 for six months, $TRU skyrocketed to as much as $0.17 this week, leading to an average of $21,146.36 in profits for the five Smart Money addresses that held the token.

Meanwhile, major crypto asset Chainlink ($LINK) is this week's third-most profitable token, with an average of $16,101.13 in profits for its 17 Smart Money investors. Chainlink is currently on a full-year bull run despite the mostly bearish crypto market, with 122% growth over the past year, further emphasized by the 30.8% growth it saw over the past seven days. The market leader in Web3 oracles is also seeing growth on the business side, with the recent agreement by telecom company Vodafone and Japanese financial iant Sumitomo to use Chainlink oracles.

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 0x53c0, whose $127,000 in profits came from its move to buy $940,000 worth of $BLUR tokens at the $0.30 price point. The token's recent surge to $0.40 meant that this Smart Money address got a 33% boost on the value of its $BLUR investment, leading to a profitable week.

Speaking of profits, the second- and fourth-most profitable Smart Money addresses both earned from Illuvium ($ILV), a blockchain gaming project that saw a 67.8% spike to its token value this week, largely due to the listing of its game on the Epic Games Store. 0x512f currently holds a $340,000 portfolio in $ILV, and its buy-low, sell-high moves on $ILV resulted in $123,000 worth of profits this week. The same goes for 0x8c45, whose $75,000 in profits also came from the GameFi token.

Meanwhile, the third-biggest earner among Smart Money addresses this week is 0x07ef, which purchased most of its $TRU tokens at $0.10 and sold at price points between $0.15 and $0.17, resulting in $79,000 in profits in a single week.

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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