Smart Money Wallets Show Increased Activity in Memecoins, AI Projects, and Gold-Backed Tokens

The last 24 hours have seen some significant accumulations in the cryptocurrency market coming from the so-called “smart money” wallets.

These are the types of wallets we generally track to get insights into what our informed investor friends are up to. And what these potentially informed investors have been up to in the last day or so has been acquiring, in a non-negligible way, a number of tokens that are tied to some rather particular trends: meme tokens, artificial intelligence (AI) tokens, and gold-backed crypto assets.

The Rise of Memecoins and AI Tokens

Smart money wallets have become much more active in the space of memecoins, especially over the last 24 hours. Three meme tokens in particular have experienced interesting price action of late: $BYTE, $BITCOIN (also known as HarryPotterObam), and $NPC. Although they have historically been very volatile, memecoins seem to be attracting the attention of serious investors who see them as potential profit centers.

The meme coin $BYTE, which was recently pointed out by @CryptoSmallcap as one of the top Ethereum-based meme tokens, saw eight smart money wallets accumulate $14,000 worth of tokens. With a market cap sitting at a tiny $698,000, the coin’s low valuation seemingly presents a nice entry point for high-net-worth investors to go after an emerging trend.

Likewise, $BITCOIN (HarryPotterObam), a meme coin connected to a prominent media figure @RGHCalls, has recently caught the fancy of the smart money crowd. In the most recent 24 hours, five wallets have bought up a combined $34,000 worth of $BITCOIN, bringing the coin’s market cap to $45 million. And while the media attention these coins attract is—I’m trying to be diplomatic here—occasionally overstated, the backing of big names in the space tends to be a solid driver of interest for retail and institutional investors.

At the same time, $NPC, one more meme coin that has been pretty much everywhere in discussions on social media lately, received attention from three smart money wallets. Those wallets now hold $4,000 worth of $NPC. With those acquisitions, the market cap for $NPC ticked up to $84 million. As meme coins continue to be a thing that almost everyone’s talking about, especially on social media, tokens like $NPC seem ever more crucial to follow for anyone who understands the crypto market and the power of viral social movements within it.

In the past few hours, smart wallets have gravitated toward meme coins, but there’s also something else gaining traction: AI-related cryptocurrencies. Investors seem to be preparing for them to explode and have started pouring money into not only $CLANKER but also other crypto tokens that have tied their fortunes to AI.

What is $CLANKER, anyway? It’s a token deployment tool, and it recently listed on Coinbase, a major platform for cryptocurrency trading. The combination of AI and a recent listing on a significant trading platform made $CLANKER a prime target for intelligent wallets that have freshly accumulated about 10,000 bucks worth of the AI token.

Stable Investment in Gold-Backed Tokens

Gold-backed crypto investment is continuing to draw increasing interest from smart money wallets.

In a move that reflects the desire for not only stable but also tangible-backed tokens, one of these wallets recently acquired $75,000 worth of $PAXG.

Unlike many of its peers, $PAXG is a relatively safe investment. Unlike many of its peers, $PAXG is a relatively safe investment. This has made $PAXG an attractive option for investors who’d prefer to not only hedge their crypto portfolios but also do so with a product tied to the value of physical gold.

Tokens backed by gold, like $PAXG, are increasing in popularity among crypto investors who are wary of the volatility typically associated with more speculative assets. Stablecoins, like $PAXG, offer a way to retain value in a more predictable manner while still participating, in some way, with the larger crypto ecosystem.

Conclusion

The last 24 hours have underlined the ongoing development of the cryptocurrency market, with a growing focus on meme coins, AI-led tokens, and stable assets like gold. It seems that these smart-move wallets know something we don’t, because they’re betting big on these specific narratives. And while some are doing it for potential short-term gains, the seeming trend toward investing in long-term plays, like gold-backed tokens, is a positive sign for maturing investor behavior.

Currently, it seems obvious that both the enthusiasm surrounding memecoins and the technological progress in AI are generating fresh investments that could change the cryptocurrency market’s setup in the next several months.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.

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