In the cryptocurrency market, finding the bookmaker is an extremely critical step when investing in meme coins. @FC_0X0, founding partner of SevenX Ventures, uses a practical case: the token NEIRO (ETH), using three tools: Dune, Nansen and Arkham, to introduce in detail how to analyze on-chain data to find the profit-making addresses in the token and the driving forces behind it. "Smart money". If you also want to learn more about on-chain analysis and find the next 100x coin, then continue reading.
Table of Contents
ToggleProfitable address analysis of NEIRO (ETH)
@FC_0X0 declares that there may be a time difference between the writing time of this article and the actual publishing time. The data displayed in the article may be different from the latest situation through Dune query.
How to find the profit-making address of ERC20 tokens in Dune?
The easiest way to check the profit margin of an ERC20 token is to search for existing boards related to the token in Dune.
@FC_0X0 explained, just enter the contract address of the token in the dashboard. The contract address of NEIRO (ETH) is: 0xEE2a03Aa6Dacf51C18679C516ad5283d8E7C2637. After running, sort in descending order to see the top ten profitable addresses of the token and the address with the largest profit multiple. It is worth noting that "maximum profit" and "maximum profit multiple" are different concepts, because the larger an investor's position is, the rational take-profit multiple is usually smaller than that of investors with small positions.
According to the query results, NEIRO (ETH) currently has a small number of large investors with floating profits, and most addresses are experiencing floating losses. The profit multiples of the top three addresses are extremely high, reaching 450-880 times, and the number of transactions is very small. This extreme profit multiple is usually a prominent feature of "insider trading".
It should be noted that most of these "insider trading" addresses have completely taken profits, so the three addresses listed in the table do not necessarily represent the largest insider trading addresses, only the addresses that have not taken profits at the time of writing.
Use Nansen and Arkham to conduct in-depth analysis of profitable addresses
@FC_0X0 further explained that Nansen and Arkham will be used to dig deeper into these three profitable addresses to see if more clues can be found.
Detailed analysis of NEIRO(ETH) profit address
Address 1: 0x108d9b652d20fb2e196d3118a209bf792848781c (suspected Wintermute sub-wallet)
According to data from Dune, the address made a profit of $450,000 through NEIRO (ETH), a profit of more than 880 times. Due to its frequent trading, Nansen cannot give exact profit figures. Nansen's analysis shows that this address purchased nearly 10 million tokens for only $95 in the early days of NEIRO's issuance and transferred them to two addresses:
- Address a: 0x9b3980716cb055bf0a2a05b3bc723d6806e1bf4d
- Address b: 0xe5e6ed8184ebdc2c0d1b23db4c943f006de83fb0
addressa
@FC_0X0 After analysis, it was found that address a is a sub-address of the market maker Wintermute. On August 7, address a sent $1.2 million worth of NEIRO to Wintermute's market-making address, which received a total of 15 million NEIRO from three different addresses and transferred it to another market-making address: 0xdbf5e9c5206d0db70a90108bf936da60221dc080 . 0xdbf5e is regarded as the trading address and continues to operate tokens. Wintermute is therefore considered the "manipulating force" behind NEIRO.
Address b
Address b has a small token position and was created recently. It is mainly used to transfer the received tokens to Bybit and MEXC exchanges. Address b also holds other tokens such as PEPE and BasedAI.
Checking the total holdings of Wintermute through Arkham, we also found that PEPE and BasedAI are the two main tokens held by Wintermute. From this, we can infer that address b is also a sub-wallet of Wintermute.
Address 2: 0x1a768781d4543ae6862471ca603ee64d0827e848
This address purchased $131 worth of tokens in the early days of NEIRO’s issuance and transferred the tokens out twice in two stages to two addresses:
Address c: 0xd56fd17fcc0b9d346d6b1bd011dd1d93c67b497b
Address d: 0xbbbeab557377314cfa82c6467e51bd0c53462faf
Address c
Address c has not sold the tokens since receiving it, and has no other token positions.
addressd
Address d has not sold any NEIRO and holds a large number of unknown MEME coins, but their value is less than NEIRO. This address recently received 4 NEIRO transferred from crackoon.eth. crackoon.eth recently purchased $10 in tokens and dispersed them to multiple addresses, presumably as a large-scale transfer test.
The first source of funds for crackoon.eth came from the well-known dark pool project Railgun address, but due to the high privacy of dark pools, we were unable to trace it further.
Address 3: 0xb265f497c5b9f63ffc739bca24db5601ce90aff3
Coincidentally, the positions of address 3 and address d are almost identical. It can be seen from its records that address 3 transferred the tokens to 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1 (address e), and transferred them to Crypto.com for shipment. Address e directly transferred the tokens to Bitget for sale, making a profit of US$380,000.
Summary: Find the bookmaker behind NEIRO
@FC_0X0 Through the analysis of these three most profitable addresses, it was found that Wintermute and another force (the same party behind addresses 2 and 3) are both the "manipulating forces" behind NEIRO. These addresses all distribute tokens through the same CoinTool currency distributor. The currency distributor address is: 0xcec8f07014d889442d7cf3b477b8f72f8179ea09.
According to the wallet creation record, the coin splitter, address 2 and address 3 are ultimately associated with a Binance address: 0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be. This address can be used as a target for subsequent monitoring, because most of the tokens it holds are unknown and may also be the target tokens it manipulates.
Another case: Analysis of profit addresses of lowercase token NEIRO (CTO)
Using the same Dune board, you can find another NEIRO profit-making address. The contract address is: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee. Through the first purchase time, @FC_0X0 found that many addresses purchased at the same time when the token was issued, showing an "insider trading" problem similar to that of uppercase tokens.
Next, @FC_0X0 analyzes the address with the largest profit amount and highest profit multiple.
Profit address 1 of the lowercase token NEIRO (CTO): the person who earns the most
Basic situation
- Address: 0x794e31c25fb4655056be42bbe10f02d342b7d868
- Position value: $3.18 million
- Profit: $3.15 million (yield 11686%)
operate
This address bought the tokens at the beginning of the issuance, and then transferred the tokens twice to two different addresses, making huge profits.
Profit address 2 of the lowercase token NEIRO (CTO): the person with the largest profit multiple
Basic situation
- Address: 0x0714225f3e9f051ff8f4d2951dc1ca028c221dca
- Position value: $1.69 million
- Profit: $1.68 million (yield 24426%)
operate
This address bought small amounts in batches and then shipped large amounts. It used the earned ETH to invest again, and then withdrew and sold all the tokens on the day Binance went online.
Summary: Case NEIRO address analysis
@FC_0X0 said that NEIRO is a token that has caused widespread discussion this year. It has not only brought wealth effects, but also exposed a large number of "insider trading" behaviors. These behaviors are common in the meme currency market, but investors are also reminded to participate in such activities. Be sure to set a stop-profit and stop-loss for high-risk projects. Although NEIRO has sparked enthusiasm in the market and may have investment opportunities in the future, it still takes time to verify.
