Despite WEN hype, another meme coin takes top spot

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 25 to February 1, 2024. This implies that any purchases and holdings made before January 25 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.

Amid $WEN hype, two other meme coins bring more profits

Solana projects such as meme coin WEN Token ($WEN) and DEX platform Jupiter ($JUP) have become popular in the past few days due to the hype generated by their recent airdrops. However, other meme coins ended up mattering more to Smart Money addresses this week, such as Pond Coin ($PNDC) and PepeFork ($PORK).

Pond Coin, which was already the fourth-most profitable token last week, took the top spot this week with $2.45M in total earnings, distributed across 356 Smart Money investors. Meanwhile, the newly-created PepeFork token logged $1.63M in total profits, also for 356 Smart Money investors.

The $PORK launch resulted from forking the $PEPE meme coin, hence its name. The new token surged by more than 450% less than two days after its trading debut. This quick rise led to Ponzi scheme accusations against $PORK and $PNDC maker Pauly0x, given that $PORK's top 10 holders own 15% of the 420 trillion token supply. The developer denied the allegations, claiming that the real scammers are the $PEPE team.

Solana projects bring top ROIs to Smart Money investors

While trending Solana projects WEN Token and Jupiter failed to take the top spots in our rankings, they have made their marks in the ROI department.

$WEN brought $249,093.56 worth of total profits for its 68 Smart Money investors, at an average ROI of 196.70%. $JUP lagged behind $WEN with a total profit value of $156,873.21, spread across 69 investors, but its ROI is the best among the top 10 projects in the list, at 223.52%

Throughout the $WEN airdrop, which ended on January 29, the meme coin's price jumped by as much as 318% before retreating to its pre-airdrop. Jupiter, which was the main venue of the $WEN airdrop, proceeded with another airdrop on February 1, this time for its native $JUP token. The exchange, which has become a significant rival to established DEXes such as Uniswap and PancakeSwap, is airdropping $700 million worth of $JUP tokens to nearly a million wallets.

Web3 AI project hits record high, logs $1.72M in profits

Sandwiched between meme coins $PNDC and $PORK in this week's rankings is Wrapped TAO ($wTAO) by Web3 AI project Bittensor, which saw its value rise by 65.2% over the past two weeks, culminating in its new all-time high of $479.52 before a slight market correction. With this price hike, each of the 50 Smart Money investors of $wTAO earned an average of $34,377.83 each, or $1.72M in total, on an average ROI of 29.12%.

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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.

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Smart Money Addresses to Watch This Week

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

- 0x90e0, which received $941,000 worth of API3 ($API3) tokens from Binance on January 25 and sent them to another wallet on January 28, when the portfolio grew to $1.36M. This trader timed the sending of its $API3 tokens right after the token shot up in value from $2.02 to $3.00 in a matter of 8 hours, resulting in $431,000 worth of profits this week. The trader has a previous track record of timing the $API3 market well, making this address a must-watch for $API3 traders.

- 0x165f, the most profitable address among $PORK traders. This address started investing in $PORK on January 30 by buying around $45,800 worth of $PORK tokens. In mere hours, when the meme coin rose in value by about 75x, this address sold off virtually all its $PORK for $201,000. In the next two days, 0x165f reinvested in $PORK, this time spending $263,000 on the meme coin. This new $PORK portfolio is now worth $552,000, making it possible for this trader to earn $390,000 in profits in just one week.

- 0x9165, a huge investor in meme coins $PNDC and $PORK, with a current portfolio of $310,000 and $799,000 in the respective tokens. This address has invested in $PNDC since August 2023, and its frequent purchases of the token just before its recent 54.6% price upswing this week have resulted in a total of $248,000 in profits.

Notes and Disclaimers

Crypto assets included in the Top Performing Tokens list are ranked 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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