Polygon closes 2023 with a $171K bang for its HODLers

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 December 22 to 28, 2023. This implies that any purchases and holdings made before December 22 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.

During the final week of 2023, the top profits in the Web3 space mostly came from Layer-2 and DeFi platforms. Polygon ($MATIC) is this week's top-performing token, after seeing a 32.5% price increase over the past 7 days to get past $1, prompting multibillionaire and "Shark Tank" investor Mark Cuban to unstake his 2.82M $MATIC tokens and send them to Coinbase. 20 Smart Money addresses that held tokens in the Layer-2 platform have seen average profits of $171,425.84, and they are staying put with their investment, as shown by $MATIC low 7-day realized percentage of 0.35%.

Coming in at second place is Lido DAO ($LDO), which saw a price hike this week that's almost at the exact rate as $MATIC, at 32.4%. However, the ETH liquid staking leader just brought about $48.804.30 in average profits for each of the $LDO token's 4 Smart Money investors, and its net outflow of $864,068.68 denotes a major sell-off for these addresses.

Next in our rankings is another trending Layer-2 scaling solution: Metis ($METIS), which is currently riding a 219.4% boost to its token price this week, partly caused by MetisDAO Foundation's announcement of a $360 million ecosystem development fund that will be deployed early next year. The project's 86 Smart Money investors each earned $19,926.16 on average, but its relatively high realized percentage of 44.34% means that several $METIS investors have cashed out.

Smart Money Addresses to Watch This Week

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

- 0x150b, a $MATIC whale that has staked $5.2M worth of $MATIC tokens on Polygon Staking. Just from the price appreciation of its tokens, this address earned about $955,000 in profits this week.

- 0xed18, 0x8122, 0xf1e5, 0xfa69, 0x7672, and 0x5fdc, which also have millions of dollars in staked $MATIC. Most of these addresses became active only this month, but each of these addresses earned between $243,000 and $489,000 from their token holdings in the Layer-2 project.

- 0x66c6, which only got into trading $METIS tokens this week but has already earned about $176,000 in the process. The address accumulated its $METIS portfolio on December 22-24, when the token was at $38.61 or below, and benefited from the token's rise to as much as $95.

- 0x82a8 is the biggest profit gainer from $LDO tokens this week, with $176,000 in earnings. This address, which has been trading $LDO since November, has a knack for buying tokens at a relatively low price point and then selling high. For instance, on December 27, 0x82a8 bought $LDO at $2.39, then sold some of the tokens hours later as the token skyrocketed to as much as $2.89.

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.

‍