February 29, 2024
Smart Money

Meme coins remain top profit sources despite BTC's rise to $63K

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 February 22 to 29, 2024. This implies that any purchases and holdings made before February 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.

Meme coins reign supreme despite Bitcoin's recent rally to $63K

The biggest story in crypto this week is Bitcoin's rapid elevation from around $51,000 just two days ago to as much as $63,000+ today. Over the past 48 hours, the crypto industry added $300B to its total market cap, which is now at around $2.33T.

However, for Smart Money investors, meme coins have been their best profit sources this week. Understandably, the tide of Bitcoin's major bull run has lifted many altcoins, driving increased trading activity for this week's top meme coins such as Pepe ($PEPE), Mog Coin ($MOG),MAGA ($TRUMP), and HarryPotterObamaSonic10in ($BITCOIN), not to be confused with the original $BTC), among many others.

Pepe brings $4.7M in profits to Smart Money

Topping this week's list of Smart Money profit heroes is meme coin $PEPE, whose 1.5x jump in token value over the past 7 days has resulted in new heights that the token hasn't seen since its record high price in May 2023. This surge has allowed the meme coin to return to a $1B market cap level.

The 132 Smart Money addresses with $PEPE in their portfolio saw $35,274.03 in average profits, or $4.7M in total, at an average ROI of 84.14%. Moreover, $PEPE's $3.7M in net flow this week serves as an indication that holders are still expecting more positive things to come for the meme coin.

More meme coins deliver top profits

Trailing $PEPE in this week's rankings is Mog Coin $MOG, an Ethereum-based meme coin that saw an 88.6% jump in value in the past 7 days. This resulted in $1.5M worth of total profits for the 98 Smart Money addresses that invested in the token, at an 89.18% average ROI.

Donald Trump-inspired meme coin MAGA ($TRUMP) jumped 130.7% this week, resulting in $682,639 in total profits for its 54 Smart Money investors. Another Smart Money favorite is the meme coin HarryPotterObamaSonic10Inu ($BITCOIN), which logged $607.554 in total profits thanks to a 78.2% price increase this week. $TRUMP and $BITCOIN are No. 4 and No. 5 in this week's rankings, respectively.

Ordiswap sees 2x jump after V2 mainnet launch

Ordiswap ($ORDS) is the most profitable non-meme crypto token this week, with total profits of $1.3M for its 92 Smart Money investors, or $14.038.14 per address, at a 95.76% average ROI.

One major factor for $ORDS's rise this week is the mainnet launch of Ordiswap V2 two days ago, making it the first AMM to go live on the Bitcoin native layer.

Smart Money Addresses to Watch This Week

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

- 0x2033, a $PEPE whale that started accumulating this meme coin since December 2023. This past week, this address bought a total of $63,000 worth of $PEPE tokens when the price was still at $0.0000012. Days later, this address sold about $21,000 worth of $PEPE when its value rose to $0.0000034. In total, the investor's stash of 114B $PEPE tokens worth $335,000 as of today became the biggest source of its $562,000 in profits this week.

- 0xf226, a relatively new wallet that has received and sent large amounts of $PEPE and Worldcoin ($WLD). The token received 364B $PEPE tokens, then worth $768,000, on February 27. Two days later, that stake jumped to $1.1M in value, contributing to a large portion of its $422,000 in profits this week.

- 0xe1ec, the best-performing Smart Money address this week that had nothing to do with the $PEPE meme coin. This address' main source of profit was COTI ($COTI). On February 22, 0xe1ec received $335,000 worth of $COTI when the token was worth about $0.10 each. By February 25, when $COTI jumped to about $0.22, the address had sent its entire $COTI stash elsewhere. Given that the token basically doubled in value, the address saw $335,000 in profits due to its investment in the altcoin.

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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