I know a guy who just made $500k on memecoins. $SOL $WIF $BOME

He started trading three months ago.

What's hilarious? Two basic FREE tools got him there.

🧵Ready to learn how to max out these tools? Step-by-step guide

Meme trading is the wild west of crypto.

It's a constant balancing between hitting it big or facing -99% losses.

But armed with the right information, you can greatly increase your win rate.

This thread will guide you on that.

You don't have to look far.

All you need are basic tools, which will transform into pro tools once you unleash their full potential:

1. solscan

2. dexscreener

Many are unaware, but solscan is a valuable tool for researching new launches, finding smart contracts, and security checks.

Start by searching for a token contract on Solscan:

Raydium is often the first platform where many memes are launched, so visit: solscan.io/amm/raydium

Analyze the token in depth with Solscan for key insights:

- Price, Market Cap, Number of Holders

- Top holders and their percentage of the total supply

- Transaction data

You can leverage dexscreener as your second go-to tool for on-chain trading to research new tokens or simply discover interesting ones.

How?

By monitoring smart money, insiders, and snipers.

Research with Dexscreener

- Open the tool

- Click on Solana section

- Find a newly launched token that surged significantly in the past few days

- Click on "Top traders"

If you spot a wallet with a trade like $300 → $400k, it's a sniper or insider.

If you spot a wallet that has made 50-200x, it's smart whale or an insider.

Next, analyze its moves using Solscan:

- Open the Solscan page [showcased on video]

- Review its trades

- Identify what interesting he's doing now

You can create your own list of smart wallets and periodically check their latest moves.

After identifying a token, delve deeper with Solscan:

- Check top holders

If they hold a 25%+ of the supply, this can reflect significantly on the price if they sell.

Seek out tokens with a fairer distribution, steering clear of reliance on whales