Wallet tracking is a powerful skill that can significantly increase your chances of success in the crypto market. By finding and following the right wallets, you can gain valuable insights into smart trades and insider moves. Here's a complete guide on how to do it:
1. Start with Dexscreener
- Choose a Chain:
- Focus on chains with high volume like Solana, Ethereum, and Base.
- Search for Viral Coins:
- Look for coins that have shown significant growth.
- Prioritize Newer Coins:
- Aim for coins no older than 3-4 months to find active insiders.
2. Apply Filters
- Set the Right Filters:
- Use filters to narrow down wallets that bought during the accumulation phase.
- Identify Whale Buyers:
- Focus on wallets that made significant purchases before a pump.
3. Check Wallet Legitimacy
- Use Wallet Analysis Tools:
- Tools like Birdeye (Solana) and CoinStats (EVM + Solana) are essential for checking trading statistics.
- Verify Trading History:
- Analyze their past trades to ensure the wallet consistently makes profitable decisions.
4. Conduct In-Depth Research
- Monitor PnL:
- Watch for patterns in profits and losses to determine the wallet's credibility.
- Check Transactions:
- If there's a sudden drop in PnL, funds may have been transferred to a different wallet—track that too!
5. Analyze Investment Patterns
- Spot Patterns:
- Look for consistent themes or connections between the coins the wallet has invested in.
6. Create a Watchlist
- Use Solscan:
- Add wallet addresses to Solscan's watchlist to receive email notifications for new transactions.
- Alternative Tools:
- Use CoinStats Watchlist and mobile app for push notifications.
7. Follow the Trades
- Research New Transactions:
- When a tracked wallet makes a new move, investigate the coin.
- Check Market Cap:
- Focus on coins with a market cap under $2M that haven’t pumped recently—they may be hidden gems.
- Don’t Ignore High-Cap Coins:
- Sometimes, smart wallets buy high-cap coins ahead of big events or listings—these trades can still yield substantial gains with lower risk.
💡 Pro Tips:
- Persistence Pays Off:
- If you don’t find a profitable wallet right away, keep adjusting your filters or try a different chain.
- Stay Patient:
- It may take scanning hundreds of wallets before you find one that consistently delivers profitable trades, but it only takes one good wallet to transform your trading strategy.
By following these steps, you’ll be well on your way to tracking insider wallets and making profitable trades in the crypto market. Remember, wallet tracking isn’t just about finding one good wallet; it’s about continuously refining your strategy to stay ahead of the curve. Good luck! 🚀