November 30, 2023
Smart Money

Meme coin tops list, brings in $3.5M in profits

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 23 to 30, 2023. This implies that any purchases and holdings made before November 23 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.

Two weeks ago, the 0xScope team noted that Grok ($GROK), a meme coin named after Elon Musk's newest AI service, brought in about $6M in profits to Smart Money addresses a week after its debut. However, at the time, it was only ranked No. 5 due to its lower profit-per-investor numbers. This week, $GROK tops our list with about $3.5M in total profits spread across 208 investors, or $16,876.91 per investor at a 100% average ROI, surpassing the next token by just over $100. $GROK saw a 195% price boost over the past 7 days, likely riding the hype from its namesake AI chatbot's launch this week. We note that the meme coin $GROK is unaffiliated with Musk's Grok AI chatbot.

Closely trailing $GROK in this week's rankings is Connext ($NEXT), a small-cap, cross-chain protocol that saw its token rise by 83.8% this week, despite the absence of major developments for the project. On the strength of this quick surge from $0.09 to $0.15 on November 26, $NEXT brought $16,714.50 in profits to the 5 Smart Money addresses that invested in the token.

Other notable tokens in this week's rankings include DeFi project Ribbon Finance ($RBN), currently at No. 3, and meme coin Gorilla ($GORILLA), currently at No. 6. $RBN reached a one-year high of $0.38 on November 29, resulting in a profit average of $14,177.85 for its 5 Smart Money investors. Meanwhile, newly-launched $GORILLA skyrocketed by as much as 2,900% this week to reach a peak value of $0.024 before the market corrected and sent the token down to $0.015. This bull run resulted in about $1.5M in total profits for 157 Smart Money addresses, which took home an average of $10,324.88 from their $GORILLA investment.

Smart Money Addresses to Watch This Week

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

Among the top 100 top-earning Smart Money addresses this week, 38 had $GROK as their most profitable token. Leading these addresses is 0x9340, which started buying $GROK tokens on November 24 at $0.008. After a handful of $GROK purchases at $0.02 or below, the investor exited its position in the meme coin at $0.025, contributing to the address' $241,000 in profits this week. For more information about other addresses that benefited from $GROK, the 0xScope team created an Entity Dashboard of $GROK Smart Money investors, where you can see the positions of these addresses and the changes in positions.

Following 0x9340 in the Smart Money profitability list this week is 0x86fc, whose early entry in $GORILLA resulted in profits worth $148,000. The address mostly accumulated its position in the meme coin between November 24-28, buying at price points ranging from $0.001 to $0.0036, before the token skyrocketed to as much as $0.023.

Other Smart Money addresses worth watching are:

- 0x6854, which bought around 478,000 tokens in decentralized cloud aggregator project Coldstack ($CLS) on November 26 at $0.049-$0.058 before the token's bull run to as much as $0.31 on November 29, earning a $95,000 profit.

- 0x4580, which entered a position at $NEXT on November 24, when it was $0.088, and subsequently sold some of its tokens on November 27-28 for as much as $0.145 per token, resulting in $82,000 in earnings.

- hjgbk.eth, a known supporter of real-world asset (RWA) tokens, which bought $99,000 worth of $RBN tokens at the $0.20 price point on November 23, sent the tokens to 0x83f3 for storage two days later, and saw $52,000 in profits from this trade. 0x83f3 currently holds $800,000 worth of assets in various RWA tokens, including $158,000 in Goldfinch ($GFI), $150,000 in $RBN, and $90,000 in Swarn Markets ($SMT). If you are also interested in RWAs, you can follow this address.

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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