FFollowing the launch of Project Galaxy today, profitable cryptocurrency traders have taken a significant position in GAL, the governance token of the Web 3 credential network, according to data from blockchain analytics firm Nansen.
In the past 24 hours, smart money wallets have recovered approximately $4 million in GAL, more than any other token monitored by the company.
Nansen has compiled lists of the top 100 addresses by estimated earnings from their current NFT wallets and the top 100 addresses based on an internal “hodler score metric”. Using these metrics, Nansen considers a wallet to be “smart money” if it is “historically profitable,” meaning it meets at least one of the following conditions:
- Earn at least $100,000 by providing liquidity to decentralized finance (DeFi), SushiSwap and Uniswap protocols, excluding so-called impermanent loss;
- Have at least more than or equal to 5 times the profits made on multiple NFT collections that have been minted in the last 60 months;
- Have completed multiple dex trades in a single trade that are profitable in nature
- Belong to an investment fund that invests and manages money in crypto.
According to Project Galaxy documents, “GAL token holders have the ability to control the amount of platform fees collected by the protocol and control the funds held by the Project Galaxy community treasury.”
For example, at launch, Binance opened trading with GAL/BTC, GAL/BNB, GAL/BUSD, and GAL/USDT. BNB, BUSD and CAKE token stakers can farm GAL tokens until May 27, 2022.
Gnosis Safe Multisig sent 3 million GAL in two transactions to a Binance deposit address, identified by Nansen. Here is the first transaction and here is the second transaction.
Interestingly, the top six GAL transactions showed the same multisig sending tens of millions of GAL tokens to six different token acquisition contracts. 0x0B31 received 16.4 million GAL tokens, or approximately $250 million, while 0x8793 received 35.2 million GAL tokens worth approximately $550 million, the largest amount of GAL sent to from the six transactions.
Meanwhile, smart wallets dropped their APE. In the past 24 hours, $1.09 million worth of APE has left their wallets. Generally, capital outflows herald a fall in asset prices; APE is down 16.2% in the past 24 hours at the time of this writing.
In the same 24 hours, PXN: Ghost Division was the most actively traded non-fungible token (NFT) collection, according to data from Nansen. PXN: Ghost Division, with 19,398 ETH in activity volume, has dethroned Yuga Labs’ NFT collections which have been dominating the top charts for the past few days.
Nansen is one of many companies that analyze publicly available information about crypto transactions, although unlike Chainanalysis and similar companies, its services are aimed at giving investors an advantage rather than helping the forces of order to catch bad actors.
While cryptocurrency addresses appear on public blockchains as seemingly random strings of letters and numbers, Nansen uses algorithms, its own surveys, and user-submitted information to draw conclusions about the entities behind it. pseudonymous wallets.
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