Binance News

Smart Money Investors Rapidly Trade Meme Coins for Quick Profits, Scopescan's Data Reveals

According to Scopescan's Smart Money feature, astute investors have been extracting value through unconventional trades in the cryptocurrency market, particularly by rapidly trading meme coins. Meme coins have seen significant investment this past week from September 1 to 7, 2023.

Despite the overall cryptocurrency market struggling and trading volumes remaining low, Smart Money has focused primarily on low-cap meme tokens, producing a ranking of top-performing coins and wallet addresses.

El Hippo ($HIPP) emerged as the top performing token for Smart Money addresses this week, with an average ROI above 50%. Smart Money investors have adjusted their trading strategies, shortening the average holding period for new tokens to 1-2 days and selling 70-80% of tokens shortly after purchase. This behavior emphasizes the rapid profit-taking mentality around meme coins at present.

Addresses such as 0xc4b7ab45145fc7f62779e3f6f4d013aec4ddafa5, the-lord-giveth-and-the-lord-tak.eth, and 0xe0b03a8378236c081fe4a69c0c879dfdbe6dd9b8 have recorded significant profits from trading meme coins like $HIPP and HarryPotterObamaSonic10Inu ($BITCOIN). The quick trades and paper hands approach with these assets signals a shift in Smart Money's strategies in recent times