Here's a simplified version of the Binance post about turning $3K into $400K+ using Solscan:
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A newbie turned $3K into $400K+ with SOL memes in a month using a common tool the right way. Here's a guide to mastering this tool in 10 minutes.
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Information is your edge in outplaying 99% of the traders. On-chain data is the key, and Solscan, a block explorer for SOL, can provide valuable insights if used correctly. Although it can be tricky and slow, its underuse is an advantage.
Solscan helps with:
- Tracking wallets
- Researching new coins
- Finding smart contracts
- Tracking DEXes
Raydium is a good starting point for exploring trending tokens. Analyze launch dates, TVL, and 24-hour trading volume to identify promising memecoins. Look at:
- Top holders
- Key metrics
- DEX trades
- Analytics
- Transactions
In the Holders Section, avoid tokens where the top 10 wallets hold over 30% of the supply to prevent crashes. Look for balanced distributions, except for CEX wallets.
Track top 50 wallets by holdings to identify early buyers and their other investments. This can help discover key traders for further research. For instance, the top 5 holders of $SLERF also invest in other memecoins worth $49M. Monitor these wallets for potential future gains.
Use CieloFinance to check transaction history, PnL, and investments of these wallets. Learning from smart traders' moves can guide you to 100x gems.
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