March 7, 2024
Smart Money

PEPE's $5M profit haul highlights meme coin dominance

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 March 1 to 7, 2024. This implies that any purchases and holdings made before March 1 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.

PEPE records $9.8M of Smart Money profits in 2 weeks

Major meme coin PEPE ($PEPE) has been on top of our Smart Money token rankings for two weeks straight. This week, $PEPE outdid itself with $5.1M in total profits generated for its 90 Smart Money investors, who each take home an average of $56,398.32. This figure is even higher than $PEPE's $4.7M profit record last week.

The past 2 weeks have been extremely bullish for $PEPE, which saw its token value rise by about 477.2% over the past two weeks, culminating in a new all-time high of $0.00000842, more than double the $0.00000372 record back in May 2023.

One potential spoiler in this record rally for $PEPE is its net outflow of $776,000, compared to $3.7M in net inflow last week. This reversal could mean that the meme coin's investors are probably expecting the asset to be at its peak value for the foreseeable future.

NodeAI's Layer-1 launch fuels $3.9M in Smart Money earnings

Six of the seven most profitable crypto tokens for Smart Money addresses this week are all meme coins, but one AI-related project stood out and beat everyone else except $PEPE: NodeAI ($GPU).

The project, whose $GPU token started trading two weeks ago, recently introduced its new bespoke Layer-1 blockchain, causing the value of its token to skyrocket by 472.6% over the past 7 days. This has allowed $GPU's 226 Smart Money investors to take home a total of $3.9M in profits. However, $GPU saw a net outflow of $1.6M, which likely means investors don't see this boom as sustainable.

Meme coins occupy 7 of Smart Money's Top 10 spots

The next five tokens in our rankings after $PEPE and $GPU are all meme coins. Here, we'll focus on the three assets that have brought in more than $1M in profits.

Shiba Inu ($SHIB) is threatening to overtake Dogecoin ($DOGE) as the world's most valuable meme coin after a 130.3% rise this past week. This major rally has resulted in $2.7M in total profits for its 55 Smart Money investors. However, $SHIB saw a $2M outflow from traders, tempering its growth prospects as the battle of the dog-themed meme coins raged on.

Meanwhile, cat-themed meme coin Hemule ($HEMULE) pumped by 442.1% this week, a culmination of its 29x growth story over the past month. $HEMULE, inspired by Vitalik Buterin's cat, brought in $1.8M in total profits for 107 Smart Money addresses.

MOG Coin ($MOG), the No. 2 most profitable Smart Money token last week, recorded $1.5M in total profits this week, similar to its figures last week and good for fifth place.

Smart Money Addresses to Watch This Week

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

- 0x8de6, our top-earning Smart Money address this week with $1.4M in profits, had one meme coin to thank for a big majority of its gains: PEPE UWU ($CUTE), another token referencing the Pepe meme. This trader's path to profitability was straightforward, involving just a single purchase of $414,000 worth of $CUTE on March 4, when it was at $0.000026. Since then, $CUTE rose in value to as much as $0.000258, before settling at $0.000094 to close the week, ultimately elevating the value of 0x8de6's total $CUTE stash to almost $1.5M.

- 0x441e, the Smart Money address that benefited most from $PEPE's continued rise, actually started this week by selling $211,000 worth of $PEPE on March 1. The next day, the investor bought $358,000 of $PEPE (84.6B $PEPE in total) at between $0.0000039 and $0.0000042. Apart from two sell transactions of a total of 9.5B $PEPE on March 4 and 5, 0x441e held on to most of its stash. The investor's total $PEPE portfolio is now worth around $683,000, contributing to most of its $577,000 in profit this week.

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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