Following the launch of Project Galaxy on Thursday, profitable cryptocurrency traders have taken a large position in GAL, the governance token of the Web 3 Credential Data Network, data from blockchain analytics firm Nansen shows.
In the last 24 hours, "smart money" wallets have collected about $4 million worth of GAL, more than any other token monitored by the firm.
Nansen has created lists of the top 100 addresses in terms of the estimated profits of their current non-fungible token (NFT) portfolios and the top 100 addresses based on an internal "Hodler score metric." Using this metric, Nansen considers a wallet to be "smart money" if it is "historically profitable," meaning it meets at least one of several conditions, including:
- At least $100,000 by providing liquidity to the decentralized financial protocols (DeFi) SushiSwap and Uniswap, excluding so-called volatile losses.
- At least five times or more in realized gains from multiple NFT collections minted in the last 60 months.
- Having made multiple profitable trades on decentralized exchanges in a single transaction.
- Belonging to an investment fund that invests and manages money in cryptocurrencies.
Project Galaxy documents state, "GAL token holders have the ability to control the amount of the platform fee charged by the protocol and control the funds held by the Project Galaxy Community Treasury."
For example, at launch, Binance opened trading in GAL/BTC, GAL/BNB, GAL/BUSD and GAL/USDT. BNB, BUSD and CAKE token stakers can farm GAL tokens until May 27.
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 six largest GAL transactions showed that the same multisig sent tens of millions of GAL tokens to six different token vesting contracts. 0x0B31 received 16.4 million GAL tokens, equivalent to about $250 million, while 0x8793 received 35.2 million GAL tokens worth about $550 million, the highest amount of GAL sent by the six transactions.
Meanwhile, smart money wallets have let go of their APE. In the last 24 hours, $1.1 million worth of APE left their wallets. Normally, outflows are a harbinger of falling asset prices; APE has fallen 16.2% in the last 24 hours.
In the same 24 hours, PXN: Ghost Division was the most traded NFT collection, according to Nansen's data. PXN: Ghost Division, with a trading volume of 19,398 ETH, dethroned Yuga Labs' NFT collections, which dominated the top rankings in recent days.
Nansen is one of many firms analyzing publicly available information about crypto transactions, though unlike Chainanalysis and similar firms, its services are geared more toward giving investors an edge than helping law enforcement catch bad actors.
While cryptocurrency addresses on public blockchains appear as random strings of letters and numbers, Nansen uses algorithms, its own research and user-submitted information to draw conclusions about the entities behind pseudonymous wallets.