Original | Odaily Planet Daily (@OdailyChina)
Author | Golem (@web3_golem)
Last week, we specifically discussed how to use GMGN for smart money following, and also briefly introduced some other smart trading tools on the market. (Related reading: Step-by-step tutorial: How Meme novices can follow smart money)
However, players who frequently engage in on-chain PVP all know that 'smart money' is not always 'smart'. The common characteristics of smart money are: small amounts but frequent transactions, entering early but exiting early as well, and the main profit part may be similar to most wallets, relying on capturing a few 'golden dogs' by chance. Therefore, for small fund players, blindly following smart money does not guarantee profit; they may miss golden dog opportunities due to their small capital size and inability to keep up with the 'attack' frequency of smart money, or even lose their capital due to encountering 'anti-following' smart money.
For players with smaller capital and ample energy, rather than following the crowd and relying on others, it is better to be self-reliant and use tools to scan the chain to discover the real on-chain golden dogs. The advantages of scanning the chain yourself include being able to leverage information and energy differences to gain a larger increase in PVP, and enhancing your understanding and perception of Meme through personal experience, not blindly following KOL recommendations, and one day capturing a hundred-fold golden dog through your own efforts.
Time is of the essence. Odaily Planet Daily will teach everyone how to use GMGN for chain scanning in this article. If you are a PVP novice aspiring to become a 'P rookie' in the new era, let’s learn together!
Meme Chain Scanning
First, open the GMGN web version, click on the upper left Meme page, GMGN supports viewing Meme tokens on Solana, Tron, Base, Ethereum, and Blast. The following will take 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 switch by clicking the icon in the upper right corner. Generally, people tend to choose to view the new tokens created on the Pump platform.
The basic rule of the Pump platform is that once the market cap of a newly deployed Meme coin reaches $10,000, the liquidity from the Pump platform will automatically be added to the liquidity pool of the tokens created on Raydium. Players usually refer to the trades on the Pump platform as internal transactions, while trades after liquidity is added to Raydium are referred to as external transactions (access to the external market may require waiting 10 to 30 minutes).
Therefore, the meanings represented by the three columns in the figure above are as follows:
Newly created: Tokens newly created on the Pump platform;
About to be filled: Tokens on the Pump platform whose market cap is about to reach $100,000;
Launched: Tokens whose market cap has reached $100,000 and whose liquidity has been added to Raydium.
Meanwhile, 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 next to it, and clicking it allows for quick purchase of the token. Users can set the amount of sol to buy each time in the upper right corner.
How to filter and identify tokens
Countless new tokens are created daily on the Pump platform, but very few can make it to the external market and attract more attention. Many tokens end up dying in the 'cradle' of internal progress, so how to filter and identify tokens becomes extremely important.
The significance of filtering is to initially exclude 'scam projects'. As shown in the figure above, GMGN's built-in filtering function can help us exclude many scam projects. Generally, at least check the options for 'at least one social media' and 'DEV cleared their holdings' (DEV refers to the token deployer). Having one social media can help us gather more information, and DEV clearing can reduce some risks of being cut. 'DEV burning coins' means the project team will burn the coins they hold, but this option can be selected under 'already launched', and just select 'DEV cleared' in the internal progress.
In addition to checking options, GMGN's filtering function can also filter internal progress, market capitalization range, number of trades, number of holders, number of comments, and time. Generally, for Meme coins that are about to be fully filled, the number of holders should be at least 40 or more, and the number of trades can be selected to be over 100; for Meme coins that have already been launched, selecting a market cap of over 100k can exclude many Meme coins that 'cut' as soon as they launch.
Each listing can be personalized for filtering, and players can continuously adjust the filtering standards as their chain scanning experience grows.
As shown in the figure above, when the filter settings are completed, players can clearly see data such as the holding ratio of the Top 10 tokens, whether the DEV has cleared their holdings, social media links, number of holders, and number of trades on the page. 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 investing in, colloquially expressed as 'finding the perspective of Meme coins'.
Typically, there are two ways to analyze whether a Meme coin perspective is valid: one is to click the social media links attached to the token to learn more, and the other is to click the avatar of the Meme coin, which will automatically link to Google to search for relevant information and links about that image. Since Meme needs to attract attention, it is crucial to consider the spread and heat of the image on the internet; Google Image Search can help players quickly analyze relevant information, as shown in the figure below.
So, what kind of perspective is worth considering?
Tokens released by celebrities in society or the cryptocurrency industry, or tokens indirectly related to them, including mutual followers on Twitter, event-related, or Twitter speaking-related, should be given special attention. Of course, to discover these as soon as possible, you need to build a follow list on Twitter.
Related to the recent new narratives of Meme, which usually refers to imitative and opportunistic coins within a Meme segment, such as those related to recent AI Meme, Decsi, politics, mascots, etc. Of course, the ceiling for this kind of Meme perspective generally won't be very high.
Completely new narratives or hot topics on-chain are the most difficult to grasp and judge, but once captured, they can yield hundreds of times returns.
New Coin Chain Scanning
By clicking 'New Coins' in the upper left corner on GMGN, you can enter the new coin dashboard, as shown in the figure below.
This page aggregates newly created tokens from 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; they just have different listing standards:
New Pool: Refers to a new pool that has added liquidity;
Burn Pool: A 100% Burn Pool means that the issuer cannot dump the price;
DEXScreener Spending: DEXScreener is the most commonly used Meme browser. DEXScreener spending means spending costs on DEXScreener for network updates, image placement, and acquisition additions, etc. (Generally, spending implies that the project has a team or community operation, which reduces Rug risk.)
At the same time, as shown in the figure below, the difference between the new coin page and the Meme page in filtering is that the new coin page has added options for 'Mint Disposal', 'Blacklist', and 'Burn Pool'. 'Mint Disposal' means that the project team cannot issue additional tokens, and 'Blacklist' means that the project team cannot block any wallet transfers, reducing Pi Xiu risks. 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 may not scan as quickly as the Meme page, it effectively helps users reduce the risk of scams, especially the listings for 'Burn Pool' and 'DEXScreener spending', which are also good trial pages for beginners.
Chain Scanning Insights
However, no matter what, chain scanning is quite a tedious task, and in the PVP environment, players need to fight against the sky, the earth, and each other. Sitting still all day may yield no results. Here are some chain scanning insights that may help beginners.
Observe more and act less
Observe more and act less is what chain scanning experts often say. For PVP novices, watching more Meme coins rather than rushing into them will save a lot of 'tuition fees'. Carefully observing the K-line trends of a Meme coin and summarizing rules from them, especially for those Meme coins that you initially believed in but ultimately failed, can effectively enhance your understanding of Meme and your perception of the PVP market.
In short, on-chain opportunities are limitless, but players' capital is limited, and often a high-quality target will have ample time to enter.
Doubling the Capital
Doubling the capital is a trading strategy suitable for small funds and beginners. When a Meme coin is on the rise, FOMO sentiment spreads, causing players to fear 'selling too early' and not wanting to take profits, which may even lead to further investments. However, the collapse of Meme coins can be faster than their rise; if you can't withdraw in time, you may lose everything.
The story of single coin A7 or even A8 may be tempting, but you also need to consider your own risk tolerance. At the same time, the perspective of on-chain Meme coins has reached a comprehensive level. Whether a Meme coin can attract more attention is no longer just a matter of perspective; it also involves the community, investors, and exchanges. Therefore, do not be easily swayed by narratives and perspectives; the capital must be invested wisely.
Grasp the timing, pay attention to rest
Finally, health is the capital of revolution. Scanning the chain all day long can burden players' bodies and easily lead to anxiety and other psychological burdens. Therefore, to ensure that you don't miss out on the chances of the golden dog while also taking care of your health, you need to grasp the timing.
According to data analysis by Odaily reporter Nan Zhi, after 9 PM, the frequency of golden dogs rose from 2% to 4%, and continued to rise, peaking between 3 AM and 6 AM, then dropping back to 2%-3% in the morning (related reading: Meme Cultivation Manual: I Discovered the Golden Time Rules for 'Divine Plate' Birth). Therefore, players can choose to scan the chain during the peak period of golden dog appearances and rest during other times.
