In the past few days, I found that the friends in the group have started to discuss various local dogs again, and I saw that some friends seemed to have made very good gains. As shown in the picture below.
The popularity of Memecoin in the recent stage feels like the popularity of NFT in the middle and late stages of the last bull market. In addition, various MemeCoins are also discussed a lot on social media these days, such as MOODENG, GOAT, MEDUSA, CHEEMS, etc. Do you feel depressed when you see others always catch these opportunities at the first time, but when you participate after seeing them, you often become the one who takes over?
So, how can we better discover and capture similar new opportunities? In this issue, we will continue to share from the perspective of on-chain tools and give you a brief review from the method level.
Before we start sharing, let’s briefly explain the differences between MemeCoin, Tugou, and Jingou:
MemeCoin literally means meme coin. Since Meme belongs to the concept of meme, they can be regarded as a kind of thought and behavior, and have a certain degree of spread, a specific phenomenon or a certain symbolic meaning. In short, MemeCoin must have community attributes, real users and clear project sponsors (or supporting teams/groups). Even some representative MemeCoins will be favored by market makers or institutions, such as BONK, FLOKI, TURBO, etc., which are all openly supported by market maker DWF. As shown in the figure below.
Tugou is a "three-no" product, that is, no community, no team, and no landing (no specific official website, no token economy, maybe only a cute avatar). Tugou is generally created anonymously, and the main goal is to be short, flat, and fast. It mainly attracts retail investors who are unaware of the truth by violently pulling the market, and there is always the risk of RUG. At present, the vast majority of tokens belong to Tugou. At present, at least tens of thousands of new Tugou appear on various chains every day. I just looked at the data of dextools. Now there are at least 7 million Tugou that support transactions on the chain. Because Tugou has a great speculative attribute, most retail investors should not dare to hold a large position, so there will be more "Hundred U Gods of War" playing this kind.
Some rare currencies developed from MemeCoin will have a long-term wealth effect (for example, some may be listed on CEX exchanges). These are like the phoenix reborn into a golden dog.
Next, let’s get into the main text and learn how to discover and filter MemeCoin:
Step 1: Find the tokens that have risen recently and find smart wallets
In this step, we can use relatively more on-chain tools, such as DexScreener, AVE, birdeye, bullx, GMGN, etc. Next, we will take GMGN as an example to make a simple demonstration.
After entering the GMGN platform (the website supports simplified Chinese display), first select the chain you are interested in (currently the platform supports five chains: SOL, Tron, Base, ETH and Blast), and then click the "Popular" button in the top navigation bar. As shown in the figure below.
In the time dimension column, select 24H, and in the currency dimension column, sort by market value, and then find some tokens with a relatively short creation time and a relatively fast market value growth, as shown in the figure below.
Here we take GOAT in the above picture as an example. Click the token name to enter the details page, then click the "Trader" button at the bottom of the corresponding page and sort by "Realized Profit". As shown in the figure below.
Step 2: Find potential smart wallet addresses and add them to the tracking list
Among the wallet addresses listed above, we are mainly looking for those wallet addresses that have regular transactions and remain active. Then we add these wallets to our watch list and pay close attention to the profit and loss and win rate of the address.
There are several aspects to note here:
- Those with high realized profits but relatively new wallet addresses with only transaction records of the token may be insider wallets
- Even smart wallets that seem to be normal in all aspects may have problems. We also mentioned in the previous article (October 13) that some project owners will buy old wallets to lure orders.
- It is difficult to find a truly effective smart wallet. There may be less than 10 real and reference-worthy addresses among 100 so-called smart wallets. This depends on how much effort you put into this matter.
In fact, the GMGN platform also provides data of various other dimensions, and those who are interested can study and discover them by themselves. In addition, there are many tools for checking smart wallets Pnl, such as alphatrace (currently only supports ETH chain), Cielo (also supports SOL, SUI, Tron and other chains), etc. Here we use Cielo for a simple demonstration.
After using GMGN to find potential smart wallet addresses, we can continue to use the Cielo tool to help strengthen the verification of the authenticity of wallet transaction data and create our own tracking list.
Enter the Cielo platform, enter the corresponding wallet address to search, and we can see some basic information of the corresponding wallet on the query result page. For example, the historical transaction activities of the wallet can be viewed through the Activity page, and all currencies involved in the transaction of the wallet can be viewed through the Token Pnl page. As shown in the figure below.
If you think the wallet is worth observing or tracking, you can click the "Add" button on the upper right to add it to the watch list. In the watch list, you can also set a note name for each wallet address or manage it by category, as shown in the figure below.
Step 3: Use Telegram Bot to track wallet transactions in real time
Many people like to add their observation wallets to websites such as Cielo mentioned above or to Excel spreadsheets they make themselves, but such monitoring may not be real-time. At this time, we might as well consider using some Telegram robots for tracking.
For example, EVMTrackerBot is a robot tool launched by the Cielo platform we just mentioned. Once you turn on the Bots function on the Settings page of the Cielo website, the wallet address Alerts you added on the website will be automatically triggered and reminded through EVMTrackerBot. As shown in the figure below.
There are many robot tools similar to EVMTrackerBot, such as TrojanOnSolana, MonitorAlpha, MaestroBots, etc. Interested friends can experience or study them by themselves.
Step 4: Conduct necessary checks on token community activity, token contract security, etc.
If you monitor some smart wallets and find that they are actively buying some new MemeCoins, and you decide to participate in copy trading, you can also consider doing some necessary checks on some aspects of the tokens before officially trading.
For example, a quick check of the coin’s social media.
The goal of doing this is to ensure that the token community can continue to be highly active, because a community that can continuously generate activity will have a greater probability of pushing the token to new heights. Many communities that appear to have brainwashing or CX properties (considering only the price perspective, not other aspects) can often play a certain role in promoting the price of the token.
The token community generally refers to Twitter (X) and Telegram corresponding to the token. You need to join Telegram to experience and observe it yourself, while Twitter can be checked with the help of some tools.
Here we take the getmoni tool as an example to make a simple demonstration. You can use this tool to quickly query the fan classification of the corresponding token Twitter account, and also see how many VCs are following the token. As shown in the figure below.
Tip: getmoni only supports querying Twitter accounts of projects that they have included. If some new projects cannot find any results, you can try other similar tools, such as lunarcrush, TwitterScore, tweetscout, etc.
Another example is to quickly check the security of a token contract.
As the saying goes, the devil is always stronger than the saint. Although it is difficult for us to completely verify the security of many MemeCoins, we can still reduce the risk of trading tokens as much as possible through checks in some dimensions, such as pool lock status, Mint discard status, blacklist, etc.
At present, the most common one is the so-called Pixiu plate. Pixiu is a common name here, and foreigners usually call it Honeypot Token. Pixiu is a mythical beast in China. Because it broke the precepts in the heaven, it was beaten by the Jade Emperor and its anus was sealed. It can only eat but not defecate, and can help people gather wealth. But in the field of encryption, Pixiu has become an ominous beast and the natural enemy of leeks, which means that ordinary people can only buy the corresponding tokens but not sell them. Only the internal addresses of the project party can sell them.
For such problems, we can also use some additional on-chain tools for inspection, such as honeypot (supports Ethereum chain, BSC and Base chain), rugdoc (supports BSC chain), rugcheck (supports SOL chain), solsniffe (supports SOL chain), bscheck (supports Ethereum chain, BSC chain), etc.
However, it is also necessary to remind you that such tools generally perform some routine tests on the contract code. Therefore, the same contract address may appear normal in some honeypot detection tools, but some tools may indicate risks, and some new contracts may not be detected in time by current tools. Therefore, in terms of security, if you cannot use tools to conduct effective inspections, you can only make comprehensive judgments, such as the situation of the team, the design of the official website, the activity of the community, whether there are conspiracy groups, etc.
Step 5: Perform a quick transaction
There are generally two ways to conduct quick transactions. One is to use some Telegram Bots (trading robots) to conduct sniper transactions, and the other is to use some Quick Buy (quick transaction) DEX platforms.
There are many Telegram Bots, such as BonkBot, Maestro, Banana Gun, etc. Different trading robots support different chains. You can choose according to the list below. As shown in the figure below.
As for the Quick Buy (fast trading) platform, the ones with relatively high usage rates include Photon, bullx, etc. Here we take Photon as an example to make a simple demonstration. The platform is known as the fastest trading platform on Solana, which can realize the fast buying and selling of any token and execute limit orders; it also supports the fast trading of Tron, Base, ETH and Blast chain tokens. As shown in the figure below.
In conclusion:
The current crypto market still faces the problem of insufficient overall liquidity. Moreover, with the popularity of one-click coin issuance platforms (such as Pumpfun, Wagmi, Makenow, Fourmeme, etc.), various tokens with the same name have appeared on different chains. There are even disputes over tokens with the same name in uppercase and lowercase letters on the same chain. This has distracted people's attention and emotions to a large extent, making it increasingly difficult for ordinary small retail investors to play MemeCoin.
At present, at least tens of thousands of MemeCoins appear every day, but most of them will return to zero. Even so, it still cannot stop people's enthusiasm for participating in MemeCoin. Perhaps, retail investors are not concerned about whether it will return to zero, but a so-called opportunity to make a fortune quickly.
For most retail investors, they believe that buying BTC and ETH now will not make them rich overnight, so panning for gold in shit seems to be seen by many retail investors as their only chance to get rich.
We have shared with you the on-chain tools above. Although these methods may not allow you to easily find the code to get rich, it is better to have a method than not to have one. The key is that you should combine the method with practice and think more about the operation ideas of smart wallets. If you can stick to it, maybe over time, you can recognize which tokens may rise, so as to be ahead of others in coin selection and trading ideas.
At the same time, you should also understand that copying or replicating smart wallet transactions may also result in losses. Before you decide to do so, you need to make a risk/reward assessment in advance and wisely configure your position according to your risk tolerance. For example, assuming you plan to invest in 20 currencies, and the maximum loss you can bear for each currency is $1,000, then you can allocate 20,000 "zero funds" to play MemeCoin.
Identifying the right MemeCoin at the right time is a process that requires your own time and energy to learn and explore. There may be no unique or flawless method, but the important thing is to find a method that suits you.
MemeCoin can be seen as the best carrier of market sentiment, and the crypto market can bring out human greed to the extreme.
Although MemeCoin/Tugou can bring a large number of users in a relatively short period of time, and we can also find that many public chains are copying Meme Summer since the Solana Meme craze last year. Even though users represent funds and liquidity, MemeCoin/Tugou may not bring value precipitation to a public chain, because the precipitation of value requires good product support, and it takes time for a product to mature from its appearance.
Risks and opportunities often coexist, it depends on how you choose and balance. If you still can't form your own method on MemeCoin, then try to keep yourself calm. There is no need to participate just for the sake of participation. Don't sit still when you see others buy MemeCoin and get rich overnight. It is better to insist on buying some pie yourself and then learn to make friends with time.
This is the end of our sharing of this issue. For more articles, please visit the homepage of Hualihuawai. The above content is only a personal point of view and analysis, which is only used for learning records and communication, and does not constitute any investment advice.
