Author: Golem, Odaily Planet Daily
Last week, we specifically discussed how to use GMGN to follow smart money and briefly introduced some other smart trade following tools on the market.
However, players who frequently engage in on-chain PVP know that 'smart money' isn't always 'smart'. Smart money typically exhibits characteristics such as small transaction amounts but frequent trades, entering early but exiting early, and the main profit might also be like most wallets, relying on chance encounters with a few 'Golden Dogs'. Therefore, for some small-cap players, simply following smart money doesn't guarantee profits; they might miss out on Golden Dogs due to their smaller capital not keeping up with the frequency of smart money 'attacks', and may even lose their principal to smart money that 'kills the follow'.
For players with smaller capital and abundant energy, rather than following the crowd and relying on others, it's better to be self-reliant and use tools to scan chains and discover real on-chain Golden Dogs. The advantage of scanning chains oneself is that it can compensate for information and energy gaps to gain an edge in PVP for greater gains. Additionally, personal experience can enhance one's understanding and awareness of Meme, avoiding blind obedience to KOL recommendations, and one day, relying on their own strength to seize the hundredfold Golden Dog.
Without further ado, Odaily Planet Daily will teach you how to use GMGN to scan chains in this article. If you are a new PVP player aspiring to become a 'P Little General' of the new era, let’s learn together~
Meme Chain Scanning
First, open the GMGN web version, click on the Meme page in the upper left corner. GMGN supports viewing Memes on Solana, Tron, Base, Ethereum, and Blast; the following will take the Solana chain as an example.
Page Introduction
As shown in the figure below, this is the daily chain scanning page.
GMGN monitors two mainstream Meme coin issuance platforms on Solana, Pump and Moonshot. You can click the icon in the upper right corner to switch, and 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 $100,000, it will automatically add the Pump platform’s liquidity to the liquidity pool of the tokens created on Raydium. Players typically refer to transactions on the Pump platform as internal market transactions, while transactions once liquidity is added to Raydium are called external market transactions (opening external markets may require waiting 10 to 30 minutes).
Therefore, the meanings represented by the three columns of dials in the figure above are as follows:
Newly Created: Tokens newly created on the Pump platform;
About to Fill: Tokens on the Pump platform whose market cap is about to reach $100,000;
Opened: Market cap reaching $100,000, token liquidity has been added to Raydium.
At the same time, there is a '⚡️' icon in the upper right corner, which is a quick purchase button. Each token on the page has this icon next to it; clicking it allows quick purchase of that token, and users can set the amount of sol to buy each time in the upper right corner.
How to filter and identify tokens
Every day on the Pump platform, countless new tokens are created, but in reality, few can run to the external market and attract more attention; many tokens will die in the 'cradle' of the internal market. Thus, how to filter and identify tokens becomes extremely important.
The significance of filtering is to initially exclude 'scam coins'. As shown in the figure above, the filtering function built into GMGN can help us eliminate many scams. Generally, at least 'one social media presence' and 'DEV liquidation' must be checked (DEV means token deployer). Having one social media can help us gather more information, and DEV liquidation can exclude some risk of being 'cut'. 'DEV burning coins' means the project party will destroy their held coins; however, this option can be checked in the 'Opened' section, and for internal markets, select 'DEV liquidation'.
In addition to checking options, the GMGN filtering function can also filter internal market progress, market capitalization range, number of transactions, number of holders, number of comments, and time. Generally, for Meme coins that are about to fill, there should be at least 40 holders, and the number of transactions can be set to over 100; for Meme coins that have already opened, a market capitalization of over 100k can eliminate many Meme coins that 'cut' right after opening.
Each list can be personalized for filtering, and players can adjust their filtering criteria as they gain more experience in scanning chains.
As shown in the figure above, once the filtering settings are completed, players can clearly see token Top 10 holding ratios, whether DEV has liquidated, social media links, number of holders, and transaction counts, etc. However, even after this preliminary filtering, many Meme coins still appear, and players will need to discern which Meme coins are worth investing in, simply put, 'finding the angle for Meme coins'.
Typically, to analyze whether a Meme coin angle is worthwhile, there are two approaches: one is to click on the social media links attached to the token for more information, and the other is to click on the Meme coin's avatar, which will automatically link to Google to search for related information and links about that image. To attract attention, a Meme must consider its 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 kind of angles are worth pursuing?
Coins released by social or industry celebrities in the crypto space or tokens indirectly related to them, including mutual followers on Twitter, event-related or Twitter comments, need to be closely watched. Of course, to discover these first-hand, one must build a follow list on Twitter.
Related to recent new narratives in Meme, typically referring to imitations and opportunist coins within a Meme sector, such as recent narratives related to AI Meme, Decsi, politics, mascots, etc. Of course, the ceiling for 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 if captured, it could yield hundreds of times the returns.
New Coin Chain Scanning
Clicking on 'New Coin' in GMGN will take you to the new coin dashboard, as shown in the figure below.
This page aggregates newly created tokens on Pump, Raydium, and Moonshot, allowing players to filter new tokens from 1 minute to 24 hours in the upper left corner. The actual tokens and those on the Meme page are not different; they just have different listing standards:
New Pool: Refers to a new pool that has added liquidity;
Burn Pool: A burn pool at 100% means that the issuer cannot dump the price;
DEXScreener Spending: DEXScreener is the most commonly used Meme browser, and spending on DEXScreener means incurring costs to update the network, place images, and obtain additions, etc. (Generally, spending indicates that the project has a team or community operation, reducing the risk of Rug Pull)
At the same time, as shown in the figure below, the new coin page differs from the Meme page in that it has additional options for 'Mint Discard', 'Blacklist', and 'Burn Pool'. 'Mint Discard' means the project cannot issue more tokens, 'Blacklist' means the project cannot blacklist any wallet transfers, reducing the risk of Pi Xiu. If the 'Filter Risk' option in the upper right corner is checked, these two options will be added automatically.
Although the new coin page may not be as timely in scanning chains as the Meme page, it actually further helps users reduce the risk of scams, especially the lists for 'Burn Pool' and 'DEXScreener Spending', which are also good trial pages for newcomers.
Chain Scanning Insights
However, no matter what, scanning chains is quite a tedious task, and in the PVP environment, players need to battle against nature, the market, and each other. Sitting all day may yield no results. Below are some insights on chain scanning that may help newcomers.
Look more, act less
Looking more and acting less is a common saying among chain scanning experts. For new PVP players, focusing on observing Meme coins rather than rushing into them can save a lot of 'tuition', allowing them to carefully observe a Meme coin's K-line trends and summarize patterns, especially for those they initially believed in but ultimately did not survive. This can effectively enhance their understanding of Meme and their perception of the PVP market.
In conclusion, on-chain opportunities are limitless, but players' capital is limited, and often a quality target will have ample time for entry.
Double the Principal
Doubling the Principal is a trading strategy suitable for small capital and newcomers. When a Meme coin is in an uptrend, FOMO emotions spread, causing players to fear 'selling too early' and not wanting to take profits, even leading to increased positions. However, the collapse of a Meme coin can be quicker than its rise. If one cannot withdraw in time, they may suffer total loss.
The story of a single coin A7 or even A8 is tempting, but one must also consider their own risk tolerance. At the same time, the angle of on-chain Meme coins has reached an all-encompassing level. Whether a Meme coin can attract more attention is no longer just a matter of angle, as there are also forces like community, investors, and exchanges involved. Therefore, do not be easily swayed by narratives and angles, one must still invest wisely.
Grasp the time difference, remember to take breaks
Ultimately, health is the foundation of revolution; scanning chains all day can burden players physically and can easily lead to anxiety and other psychological pressures. Therefore, to ensure one doesn’t miss out on Golden Dogs while also taking care of their health, one needs to grasp the timing.
According to data analysis by Odaily reporter Nan Zhi, after 21:00, the frequency of Golden Dog jumped from 2% to 4% and continued to rise, peaking between 3:00 and 6:00 AM, before falling back to 2%-3% in the morning. Therefore, players can choose to scan the chain during the peak probability of Golden Dog appearances and rest during other times.
