November 23, 2023
Smart Money

Top profits from DeFi, NFT, GameFi tokens

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 16 to 23, 2023. This implies that any purchases and holdings made before November 16 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.

This week, another DeFi token took the top spot in the rankings: Lido ($LDO). The market leader in $ETH liquid staking is riding on a year-long bullish trend, with $LDO growing by 120.2% compared to the previous year and 44.2% over a 30-day period. But a more recent development that likely served as $LDO's growth catalyst is the continued token accumulation of the project's institutional investors. According to a recent report, addresses linked with the Amber Group and FalconX have withdrawn millions of $LDO tokens over the past few days. As a result, 4 Smart Money addresses gained an average of $46,598.85 in profits this week from their $LDO investments.

Following $LDO in the list is NFT platform Blur ($BLUR), which already topped our rankings two weeks ago. Blur, which overtook OpenSea as the world's top NFT platform in February 2023, had an eventful with a week-long 28.7% rally for $BLUR and a recently concluded airdrop program that resulted in a buying spree of the project's token. Benefiting from this boost are 40 Smart Money addresses, which took in an average of $19,946.16 in earnings, at a 41.08% average ROI.

Other notable tokens in this week's rankings include AI token Wrapped TAO ($WTAO) and GameFi project ($ILV), respectively No. 3 and No. 4 on our list. $WTAO, the wrapped version of the TAO token created by decentralized AI company Bittensor, rose by 44.5% this past week. Meanwhile, $ILV is riding on the momentum of its recent Epic Games Store listing, the expansion of its governance structure, and a 14% price increase. As a result, 24 Smart Money addresses took home $19,653.10 in profits on average thanks to $WTAO, while the 20 $ILV Smart Money investors earned an average of $18,337.20 this week.

Smart Money Addresses to Watch This Week

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

One of this week's top Smart Money addresses is 0x6cea, a whale holder of $ILV and PEPE ($PEPE) tokens. This week, the address bought 8,700 $ILV tokens worth $800,000 when the ILV price was at $87, then sold 8,000 ILV for $830,000 when the token's price was at its highest point of $109. This transaction resulted in a profit percentage of 25%, worth about $390,000. This address entered a major position in the GameFi project in August 2023, as evident in its purchase of 32,100 $ILV when the token was about $45. This address has now earned a total of $1.35M from $ILV.

Another Smart Money address to pay attention to is 0xf806, which spent $70,000 to buy Wrapped Zenon ($wZNN) tokens at $1.22, before its rapid rise to as much as $4.23, resulting in net profits of about $183,000. 0xf806 is also a major whale in meme coin Grok ($GROK), having earned $1.8M so far from this investment.

Meanwhile, Smart Money address 0x82a8 earned $152,000 this week, mainly from swing trading $LDO. This address seemingly timed each $LDO sale at moments when the token was hitting a short-term high point.

Additionally, the 0xScope team discovered a series of strange addresses (0xcC9E, 0xddee, 0x0900, 0x8370) that have been withdrawing large amounts of $BLUR from Coinbase over the past 5 months. Each address earned over $2M from these $BLUR transactions. However, these are not considered Smart Money transactions, because for an address to be considered Smart Money, it should undertake normal trades. The addresses we flagged have neither any on-chain interaction nor any $ETH balances, so they can't be defined as normal traders.

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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