Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
Last week, we specifically discussed how to use GMGN for smart money following and briefly introduced some other smart following tools available on the market. (Related reading: Step-by-step tutorial: How Meme newbies can follow smart money)
However, players who frequently engage in on-chain PVP also know that 'smart money' is sometimes not 'smart.' The common characteristics of smart money are: small amounts but frequent transactions, early entry but also early exit, and the main profit part may also, like most wallets, rely on accidentally catching a few 'golden dogs.' Therefore, for some small capital players, blindly following smart money cannot guarantee profitability, and they may miss golden dogs due to the small capital size, or even lose their capital to smart money that 'kills the follow'.
For players with a smaller capital size and abundant energy, rather than following the crowd or relying on others, it is better to be self-sufficient, using tools to scan chains and discover real on-chain golden dogs. The advantage of scanning chains oneself lies in compensating for the information and energy gap to gain a greater increase in PVP, and through personal experience, one can also enhance their understanding and recognition of Memes, not blindly following KOL recommendations, and one day catching a hundred-fold golden dog on their own.
Without further ado, Odaily Planet Daily will teach you how to use GMGN for chain scanning in this article. If you are a PVP newbie aspiring to become a 'P rookie' in the new era, let's learn together~
Meme chain scanning
First, open the GMGN webpage, click on the Meme page in the upper left corner. GMGN supports viewing Memes from Solana, Tron, Base, Ethereum, and Blast, with the following taking Solana chain as an example.
Page Introduction
As shown in the figure below, this is the daily chain scanning page.
GMGN monitors two of the more mainstream Meme coin issuance platforms on Solana, Pump and Moonshot, which can be switched by clicking the icon in the upper right corner. Generally, people tend to choose to view new tokens created on the Pump platform.
The basic rule of the Pump platform is that once a newly deployed Meme coin's market cap reaches $10,000, liquidity from the Pump platform will automatically be added to the liquidity pool created on Raydium. Players are used to referring to trades on the Pump platform as internal trades, and trades after liquidity is added to Raydium are referred to as external trades (opening of external trades may require waiting 10 to 30 minutes).
Therefore, the three columns of dashboards in the image above represent the following meanings:
Newly created: Tokens newly created on the Pump platform;
About to be filled: Tokens on the Pump platform that are about to reach a market cap of $100,000;
Opened: Tokens that have reached a market cap of $100,000, and liquidity has been added to Raydium.
At the same time, there is a '⚡️' icon in the upper right corner of the page, which is a quick purchase button. Each token on the page has this icon on its right side; clicking it allows for a quick purchase of that token. Users can set the amount of Sol for each purchase in the upper right corner.
How to filter and identify tokens
On the Pump platform, countless new tokens are created daily, but very few can run on external exchanges and attract more attention. Many tokens will die in the 'cradle' of internal trading, so how to filter and identify tokens becomes extremely important.
The significance of filtering is to initially exclude 'scam coins.' As shown in the figure, GMGN's built-in filtering function can help us eliminate many scam coins. Generally, at least the options 'at least one social media' and 'DEV liquidation' should be checked (DEV refers to the token deployer). Having one social media can help us see more information, and DEV liquidation can exclude some cutting risks. 'DEV burning coins' means the project party will burn the coins they hold, but this option can be checked in 'Opened,' while 'DEV liquidation' can be selected in internal trading.
In addition to checking boxes, GMGN's filtering function can also filter internal trading progress, market cap range, transaction numbers, holder numbers, comment numbers, and time. Generally, for Meme coins about to be filled, the number of holders should be at least over 40, and the transaction count can be chosen to be over 100; for Meme coins that have opened, selecting those with a market cap over 100k can exclude many Meme coins that 'cut' at the opening.
Each list can be personalized in filtering, and players can continuously adjust filtering standards as their chain scanning experience increases.
As shown in the figure, once the filter settings are completed, players can clearly see data such as the top 10 holding ratios of tokens, whether DEV has liquidated, social media links, number of holders, and transaction counts. However, even after this preliminary filtering, there are still many Meme coins that appear, and next, players need to identify which Meme coins are worth pursuing, commonly expressed as 'finding the angle of Meme coins.'
Generally, when analyzing whether a Meme coin is worth it, there are two ways: one is to click on the social media link associated with the token for understanding, and the other is to click on the Meme coin's avatar; GMGN will automatically link to Google to search for related information and links about the image. Because Memes need to capture attention, it is important to consider the image's spread and popularity on the internet. Google image search can help players quickly analyze relevant information, as shown in the figure below.
So, what angles are worth pursuing?
Tokens issued by social or cryptocurrency industry celebrities, or tokens indirectly related to them, including Twitter accounts with common interests, event-related or Twitter statements, etc., need to be closely monitored. Of course, if you want to discover these immediately, you also need to build a follow list on Twitter.
Related to the recent Meme new narrative, which refers to the imitation and opportunistic tokens within a Meme sector, such as those related to recent AI Memes, Decsi, politics, mascots, etc. Of course, the ceiling of this type of Meme is generally not very high.
Completely new on-chain narratives or hot topics, this angle is the hardest to grasp and judge, but once captured, it could yield hundreds of times the return.
New coin scanning
Click on 'New Coins' in the upper left corner of GMGN to enter the new coin dashboard, as shown below.
This page aggregates newly created tokens on Pump, Raydium, and Moonshot. Players can filter new tokens from 1 minute to 24 hours in the upper left corner. The actual tokens are no different from those on the Meme page, only the listing standards have changed:
New liquidity pool: Refers to newly added liquidity;
Burning liquidity: Burning liquidity 100% means the issuer cannot crash the market;
DEXScreener spending: DEXScreener is the most commonly used Meme browser, and DEXScreener spending refers to spending costs on DEXScreener for updating networks, placing images, and obtaining additions, etc. (Generally, spending money indicates that the project has a team or community operation, reducing Rug risk.)
At the same time, as shown below, the filtering options on the new coin page differ from those on the Meme page. The new coin page includes options for 'Mint discard,' 'Blacklist,' and 'Burn liquidity.' 'Mint discard' means the project party cannot issue more tokens, and 'blacklist' means the project party cannot block any wallet's transactions, reducing risk. If you check the 'filter risk' option in the upper right corner of the page, these two options will be automatically added.
Although the new coin page does not scan chains as timely as the Meme page, it actually further helps users reduce the risk of being scammed, especially the lists of 'burning liquidity' and 'DEXScreener spending.' For beginners, this is also a good trial page.
Chain scanning insights
However, no matter what, scanning chains is a rather tedious task, and in the PVP environment, players need to contend with nature, society, and other players. Sitting all day may yield no results. Here are some chain scanning insights that I hope will help beginners.
Look more, act less
Look more, act less is what chain scanning experts often say. For PVP newbies, observing Meme coins rather than rushing into them can save a lot of 'tuition fees.' Carefully observing the K-line trend of a Meme coin can help summarize rules, especially for those Meme coins that one initially supports but ultimately do not survive; this can effectively enhance their understanding of Memes and their perception of the PVP market.
In summary, on-chain opportunities are limitless, but players' capital is limited. Often, a quality target will have ample time to invest.
Doubling capital
Doubling the capital is a trading strategy suitable for small funds and beginners. When a Meme coin is on the rise, FOMO emotions spread, making players afraid of 'selling out' and reluctant to take profits, which can even lead to increasing positions. However, Meme coins can collapse more quickly than they rise; if one fails to withdraw in time, they may lose everything.
The stories of single coins A7 or even A8 may be tempting, but one must also consider their own risk tolerance. At the same time, the angles of on-chain Meme coins have reached an all-encompassing level. Whether a Meme coin can attract more attention is no longer a matter of angle; it also involves community, capital, exchanges, and other forces. Therefore, do not be easily swayed by narratives and angles; if a capital needs to be out, it must be out.
Seize the time difference, remember to rest
Finally, the body is the capital of revolution. Sitting all day scanning chains places a burden on players' bodies and can easily create anxiety and other psychological burdens. Therefore, to avoid missing golden dogs while also resting well and protecting one's health, it is necessary to manage the time difference well.
According to data analysis by Odaily reporter Nan Zhi, after 9 PM, the frequency of golden dogs jumped from 2% to 4% and continues to rise, peaking between 3 AM and 6 AM, before falling back to 2%-3% in the morning. (Related reading: Meme cultivation manual: I discovered the 'golden time' for 'golden dog' births.) Therefore, players can choose to scan chains during the peak probability of golden dogs and rest at other times.