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News/Smart Money Reportedly Betting on WHY Token on BSC, Should You Follow?

Smart Money Reportedly Betting on WHY Token on BSC, Should You Follow?

Van Thanh Le

Jun 5 2024

last month3 minutes read
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WHY Token Gains Traction on BSCBSC

The BNB price hit an all-time high today, stirring significant interest in the BNB Smart Chain (BSC) ecosystem. Among the notable activities, Lookonchain observed a surge in transactions involving the memecoin WHY.

Screenshot_4.png
SourcE: Dexscreener

Over the past 24 hours, five wallets withdrew 779 BNB ($534K) from Binance to purchase 14.92T WHY, even as some traders cashed out their profits. 

Specifically, three smart money addresses labeled by Nansen also have made substantial inflows into WHY. Who are they and is it worth the hype?

1. [0x886ac639]

1.png
Source: DeBank
  • Wallet Address: 0x886ac639f1a78c2d8f36fc21131a404a18344944
  • Entry Date: June 4
  • Purchases: 4,047,692,963,025 WHY
  • Investment: 280.1379 BNB (~$185,042)
  • Average Purchase Price: $0.0000000457
  • Current Price: $0.0000001365
  • Profit: 198%
  • Sales: None

This wallet is no stranger to success, having previously achieved significant returns on Base memecoins with a win rate of 33.33% and a total ROI of 12,947.90%. Notable trades include:

  • mfer: up 242,970%
  • DEGEN: up 91.549%
  • GLOOM: up 274.68%

2. “High Balance”

2.png
Source: DeBank
  • Wallet Address: 0xBb8ae2B85CaD6DD635EBa8fCaC045408458A79E3
  • Entry Date: June 5
  • Purchases: 1,407,611,984,212.8 WHY
  • Investment: 220.3041 BNB (~$143,980)
  • Average Purchase PricePrice: $0.0000001023
  • Current Price: $0.0000001365
  • Profit: 33%
  • Sales: None

This wallet has had mixed results, with limited success on Base and a better track record on Ethereum memecoins. Significant trades include:

  • BROTHER: -31.75% ROI
  • mfer: -8.26% unrealized loss
  • PE: 159.79% ROI (on Ethereum), profiting $12,101 on a $59,064 investment (20.49% ROI).
2-1.png
Source: CandleStick

3. “High Activity”

  • Wallet Address: 0x22c0827098186ac53556c97ea24682b78fc73ba1
  • Entry Date: June 5
  • Purchases: 1,313,161,140,485.7 WHY
  • Investment: 136 BNB (~$83,890)
  • Average Purchase Price: $0.0000000639
  • Current Price: $0.0000001365
  • Profit: 110%
  • Sales: None

This wallet, primarily active on BSC, has struggled with consistent losses over the past month. Recent trades since early April include:

  • X314: Spent 6 BNB for 4,723.2792 X314, then sold all for 4.2206 BNB (ROI -30%) -> lost 1.78 BNB 
  • M314: Spent 5 BNB for 102,468.4226 M314, then sold all for 0.838 BNB (ROI -83%) -> lost 4.162 BNB
3.png
Source: DeBank

Conclusion: Should You Buy WHY?

Seeing smart money pour into WHY can be tempting. Wallets with a proven track record of massive gains, like 0x886, certainly add credibility to the coin. However, it’s crucial to remember that past performance is not a guarantee of future results. Wallet 0xBb8 has had mixed success, and 0x22c’s recent losses serve as a cautionary tale.

While the current price pump and smart money involvement are promising, always conduct your own research and assess your risk tolerance before investing. Crypto markets are highly volatile, and it’s essential to invest only what you can afford to lose.

Data from this article was collected from: Dexscreener, Nansen, Arkham Intelligence, Cielo Finance, DeBank, DexCheck, and CandleStick.

Disclaimer: This report is for informational purposes only and should not be considered financial advice. Always consult with a financial advisor before making any investment decisions.

This article has been refined and enhanced by ChatGPT.

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