Alex Svanevik

You could probably write a book about that.

I mean...

There's a few different things.

Last time I was in Dubai, actually one thing I was talking about is how most people lose money on meme coins.

And there's a few people that make a lot of money.

And the ones that make the most money are actually the meme coin trading platforms.

People are quite optimistic, I guess.

Nice way to put it.

About their own abilities to trade on-chain.

But in reality...

It's pretty hard, actually, to outcompete the market or to beat the smartest money.

And so one thing we do a lot at Nansen is to measure, you know, what is smart money?

And so smart money investors, I mean, the way we sort of define it loosely is that these are addresses that have really high P&L, right?

So they're consistently very good at trading or investing.

And sometimes you can be smart money, but then you can lose your status and become, we even label them in that platform as former smart money, which is kind of funny.

But if I go back to say like 2022, there were a lot of people that people considered

smart money, think of three arrows, for example, that ended up being not so smart money.

And so over the years, I think one thing we've learned is actually pay less attention to the names and just look at the behavior.

So just because you have a famous fund doesn't mean that you're going to be really successful in investing, actually.

We have a lot of smart money addresses that we've tagged.