Author: Golem, Odaily Planet Daily
Last week, we specifically discussed how to use GMGN for smart money copy trading, and also briefly introduced some other smart money copy trading tools on the market.
But players who frequently engage in on-chain PVP also know that "smart money" is not always "smart". The general characteristics of smart money are: small transaction amounts but high frequency, early entry but early exit, and the main profit part may also be the same as most wallets, which is to accidentally catch a few "large MC memecoin".Therefore,for some small capital players, blindly copying smart money may not guarantee making money, and they may even miss the "large MC memecoin" due to the small capital size and inability to keep up with the "attack" frequency of smart money, or even hand over the principal to smart money that "kills copy trading".
For players with relatively small capital and abundant energy, instead of following the crowd and relying on others, it is better to be self-reliant and use tools to scan the chain to discover real on-chain "large MC memecoin". The advantage of scanning the chain yourself is that on the one hand, you can make up for the lack of first-mover advantage in PVP through information and energy differences to obtain greater gains, and on the other hand, through personal experience, you can also enhance your understanding and cognition of Meme, not blindly following the recommendations of KOLs, and one day rely on your own strength to catch the "100x large MC memecoin".
Without further ado, Odaily Planet Daily will teach you how to use GMGN to scan the chain in this article. If you are a PVP newbie and aspire to become a new-era "P-small general", come and learn with us!
Meme Chain Scanning
First, open the web page of GMGN, click on the Meme page in the top left corner. GMGN supports viewing Meme 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 relatively mainstream Memetoken issuance platforms on Solana, Pump and Moonshot, you can click the icon in the top right corner to switch, generally people will choose to view the new tokens created on the Pump platform.
The basic rule of the Pump platform is that once the market value of the newly deployed Meme token reaches $100,000, it will automatically add the liquidity of the Pump platform to the token liquidity pool created on Raydium. Players are accustomed to calling the transactions on the Pump platform as the "internal market", and the transactions after the liquidity is added to Raydium are called the "external market" (the external market may need to wait 10 to 30 minutes to open).
Therefore, the three dashboard gauges in the figure above represent the following:
New Creation: New tokens created on the Pump platform;
About to be Full: Tokens on the Pump platform whose market value is about to reach $100,000;
Already Opened: Tokens whose market value has reached $100,000 and whose liquidity has been added to Raydium.
At the same time, there is a "⚡️" icon in the top right corner of the page, which is a quick purchase button. There is such an icon next to each token on the page, and clicking it can quickly purchase the token. Users can set the amount of SOL to be purchased each time in the top right corner.
How to Filter and Identify Tokens
Countless new tokens are created on the Pump platform every day, but the tokens that can actually break out of the internal market and attract more attention are not many. Many tokens will die in the "swaddling clothes" of the internal market, so how to filter and identify tokens becomes extremely important.
The purpose of filtering is to initially exclude "rug pools". As shown in the figure above, the built-in filtering function of GMGN can help us exclude many rug pools. Generally, at least the "At least one social media" and "DEV Cleared" options (DEV means the token deployer) need to be checked. Having one social media can help us view more information, and DEV Cleared can exclude some of the rug risks. "DEV Burn" means that the project party has burned the tokens they hold, but this option can be checked in the "Already Opened" section, and "DEV Cleared" can be selected in the internal market.
In addition to checking, the GMGN filtering function can also filter internal market progress, market value range, transaction volume, number of holders, number of comments, and time. Generally, for Meme tokens that are about to be full, the number of holders should be at least 40, and the number of transactions can be selected above 100; for Meme tokens that have already opened, the market value can be selected above $100k to exclude many Meme tokens that are "rug" as soon as they open.
Each list can be customized for filtering, and players can also continuously adjust the filtering criteria as their chain scanning experience becomes more and more abundant.
As shown in the figure above, after the filtering settings are completed, players can clearly see the Top 10 holding ratios of the tokens, whether the DEV has cleared, the social media links, the number of holders and transactions, etc. However, even after this preliminary screening, there are still many Meme tokens appearing, and then the players need to discern which Meme token is worth investing in, in plain terms, it is to "find the angle of the Meme token".
Usually, there are two ways to analyze whether the angle of a Meme token is worth it: one is to click on the attached social media links to understand, and the other is to click on the avatar of the Meme token, and GMGN will automatically link to Google search for relevant information and links about the image. Because Meme needs to attract attention, the consideration is the spread and heat of the image on the Internet, and Google image search can help players quickly analyze the relevant information, as shown in the figure below.
So, what kind of angle is worth investing in?
Tokens issued by or indirectly related to social or crypto industry celebrities, including those with common Twitter followings, related events or Twitter statements, need to be focused on. Of course, if you want to discover these in the first time, you also need to build a follow-up list on Twitter.
Related to the recent Meme narrative, that is, the so-called clones and bandwagon tokens within a Meme sector, such as those related to the recent AI Meme, Decsi, political, mascot and other narratives. Of course, the ceiling of this type of Meme is generally not too high.
Completely new on-chain narratives or hot spots, this angle is the most difficult to grasp and judge, but if you catch it, it may be a return of hundreds of times.
New Token Scanning
Click on the "New Tokens" in the top left corner of GMGN to enter the new token board, as shown in the figure below.
This page aggregates the newly created tokens on Pump, Raydium and Moonshot. Players can filter new tokens from 1 minute to 24 hours in the top left corner. The actual tokens and the tokens on the Meme page are no different, only the list criteria have changed:
New Pool: Means new pools with added liquidity;
Pool Burn: 100% Pool Burn means the issuer cannot dump the price;
DEXScreener Paid: DEXScreener is the most commonly used Meme browser, DEXScreener Paid means that costs have been spent on the DEXScreener platform for network updates, image placement and addition, etc. (Generally, if paid, it means the project has a team or community operation, reducing the rug risk).
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At the same time, as shown in the figure, the difference between the new coin page and the Meme page is that the new coin page has additional options of "Mint Discard", "Blacklist", and "Burn Pool". "Mint Discard" means that the project party cannot issue additional tokens, and "Blacklist" means that the project party cannot blacklist the transfer of any wallet, reducing the risk of Pixiu. If the "Filter Risk" option in the top right corner of the page is checked, these two options will be automatically added.
Although the new coin page is not as timely as the Meme page in terms of chain scanning, it actually further helps users reduce the risk of being scammed, especially the "Burn Pool" and "DEXScreener Cost" lists, which are also a good practice page for newcomers.
Scanning Insights
However, no matter what, scanning the chain is a rather tedious and boring task, and in the PVP environment, players need to fight against heaven, earth, and people, and sitting still all day may yield no results. Here are some insights on chain scanning, hoping to help newcomers.Look More, Act Less
"Look more, act less" is the most common saying among scanning experts. For PVP newcomers, looking at MEME coins rather than rushing into MEME coins will save a lot of "tuition fees". Carefully observe the K-line trend of a MEME coin and summarize the rules, especially for those MEME coins that you yourself are optimistic about but ultimately did not survive, which can effectively improve your understanding of MEME and your perception of the PVP market. In short, the on-chain opportunities are endless, but players' principal is limited, and often a quality target actually has ample time to get on board.Double Your Principal
Doubling your principal is a trading strategy suitable for small capital and newcomers. When a MEME coin is in an upward trend, the FOMO sentiment spreads, causing players to be afraid of "selling out" and unwilling to take profits, and may even lead to increased positions, but the collapse of MEME coins is faster than the rise, and if you can't retreat in time, you may end up with nothing. The story of a single coin A 7 or even A 8 is tempting, but you also need to consider your own risk tolerance. At the same time, the angle of MEME coins on the chain has already reached a comprehensive level, whether a MEME coin can attract more attention is no longer a matter of angle, but also involves the forces of the community, capital, and exchanges. Therefore, do not be easily infected by the narrative and angle, you should still get your principal back.Grasp the Time Difference, Pay Attention to Rest
Finally, the body is the capital of the revolution. Sitting and scanning all day long puts a burden on the player's body and is also easy to form psychological burdens such as anxiety. Therefore, in order to have a good rest and protect the body while not missing the large MC memecoins, you need to grasp the time difference. According to the data analysis of Odaily reporter Nanzi, after 9 pm, the frequency of large MC memecoins jumps from 2% to 4%, and continues to rise, reaching a peak between 3 am and 6 am, and then drops back to 2%-3% in the morning. Therefore, players can choose to scan the chain during the peak period of large MC memecoins, and rest during other times.
