From beginner to catching 'Golden Dog', how can MemeNewbie use GMGN to scan the chain?

Original | Odaily Planet Daily (@OdailyChina)

Author | Golem (@web3_golem)

Last week, we talked in detail about how to use GMGN for smart money copy trading, and also briefly introduced some other smart plate copy trading tools on the market. (Related reading: Step-by-step tutorial: How does Memenewbie copy trading smart money)

However, players who frequently engage in on-chain PVP also know that 'smart money' is not always 'smart.' The common characteristics of 'smart money' are: small transaction amounts but frequent transactions, early entry and early exit, and the main profit may also come from catching a few 'golden opportunities' by chance, similar to most Wallets. Therefore, for some small capital players, blindly copying trading 'smart money' does not guarantee making a profit. They may also miss the 'golden opportunities' due to the small capital size and inability to keep up with the 'attacks' frequency of 'smart money,' or even hand over the principal because they encounter 'smart money' that 'kills copy trading.'

For players with relatively small capital and abundant energy, instead of following the crowd and holding onto others, it is better to be self-reliant, use tools to scan the chain, and mine the true on-chain MEME. The advantage of scanning the chain by oneself lies in being able to seize the initiative and gain greater increase in PVP through information and energy differences, and also enhance one's understanding and cognition of MEME through personal experience, not blindly following KOL recommendations, and one day seizing the hundredfold MEME by one's own strength.

There is no time to lose. 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 be a new era "P Little General", let's learn together~

MEME sweep chain

First, open the GMGN web page and click on the Meme page in the upper left corner. GMGN supports viewing Memes on Solana, Tron, Base, Ethereum, and Blast. The following example will use the Solana chain.

Page Introduction

The following picture is the page for scanning the chain in daily life.

GMGN monitored two of the more mainstream meme coin issuance platforms, Pump and Moonshot, on Solana. You can click the icon in the upper right corner to switch. In general, 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 the newly deployed Memes reaches $10,000, the Liquidity of the Pump platform will be automatically added to the Token Liquidity pool created on Raydium. Players are used to referring to the transactions on the Pump platform as internal market, and the transactions after the Liquidity is added to Raydium are referred to as external market (the opening of the external market may require a wait of 10-30 minutes).

Therefore, the meanings represented by the three dashboards in the above figure are as follows:

Newly created: Token newly created on the Pump platform;

About to hit: Market Cap on the Pump platform is about to reach $100,000;

Opened: Market Cap reaches $100,000, Token Liquidity has been added to Raydium.

At the same time, there is a "⚡️" icon in the upper right corner of the page, which is a quick purchase key. There is this icon next to each Token on the page. Click to quickly buy the Token. Users can set the quantity of SOL to buy each time in the upper right corner.

How to Filter and Identify Tokens

Countless new tokens are created on the Pump platform every day, but there are actually few tokens that can go international and attract more attention. Many tokens will die in the 'infancy' of the domestic market, so it becomes extremely important to screen and identify tokens.

The significance of filtering is to preliminarily exclude 'play people for suckers' scams. As shown in the figure above, GMGN's built-in filtering function can help us eliminate many scams. In general, we need to select at least 'at least one social media' and 'close all positions' for 'Token deployer' (DEV). Having at least one social media can help us view more information, and 'close all positions' can eliminate some risks of being played. 'Burn coins by DEV' means that the project party burns the coins they hold, but this option can be selected in 'Already launched', and select 'close all positions' in the internal market.

In addition to the checkbox, the GMGN filter function can also filter the progress of the internal market, the range of Market Cap, the number of transactions, the number of holders, the number of comments, and the time. Under normal circumstances, for the Meme coins that are about to be filled, the number of holders must be at least 40, and the number of transactions can be more than 100; For meme coins that have been opened, Market Cap chooses to be above 100k to exclude many meme coins that "play people for suckers" at the opening.

Each list can be personalized filtered, and players can continue to adjust the filtering criteria as they gain more experience with their chain scanning.

As shown in the above figure, after the filtering settings are completed, players can see at a glance the token Top 10 holding ratio, whether DEV should close all positions, social media links, holders, and transaction volume data on the page. However, even after this initial filtering, there are still many meme coins that appear, so players need to discern which meme coins are worth investing in, commonly known as "finding the angle of meme coins".

There are two ways to analyze the viability of a Meme Token. One is to click on the social media link attached to the Token, and the other is to click on the Meme Token's avatar, which will automatically link to Google to search for related information and links about the image. Because Meme Tokens want to attract attention, what needs to be considered is the spread and popularity of the image on the Internet. Google Image Search can help users quickly analyze related information, as shown below.

So, what kind of perspective is worth mentioning?

It is important to follow the coins issued by social or encryption industry celebrities or indirectly related Tokens, including mutual follow of Twitter accounts, event-related or Twitter-related posts. Of course, if you want to discover these for the first time, you also need to build a watchlist on Twitter yourself.

Related to the recent Meme narrative, which is commonly referred to as a replica and ride on the Memezone, for example, Meme related to recent narratives such as AI Meme, Decsi, politics, mascots, etc. Of course, the ceiling for this type of Meme is generally not too high.

The complete on-chain new narrative or hot topic is the most difficult angle to grasp and judge, but once captured, it may be a hundredfold return.

New Coin Scan Chain

Click on the top left corner of GMGN and select 'New Coins' to enter the new coin 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 upper left corner. There is no difference between the actual tokens and the tokens on the Meme page, only the list standards have changed:

New Pool: Refers to a new pool that has added Liquidity;

Burning the pool: Burning the pool 100% means that the issuance side cannot dump;

DEXScreener Cost: DEXScreener is the most commonly used Meme browser. DEXScreener Cost means spending costs on Dexscreener to update networks, place images, and obtain additions, etc. (In general, spending costs means that the project has a team or community operation, dropping the Rug risk)

At the same time, as shown in the figure below, the difference in filtering from the Meme page is that the new coin page has added options for "Mint Drop", "Blacklist", and "Burn Pool". "Mint Drop" means the project party cannot increase Token issuance, "Blacklist" means the project party cannot blacklist any Wallet transfers, drop the risk of Pixiu. If you check the "Filter Risk" in the upper right corner of the page, both options will be automatically added.

Although the new coin page does not have the Meme page's timely scan of the chain, it actually further helps users drop the risk of fraud, especially the list of 'burning the pool' and 'DEXScreener spending money', which is also a good trial page for Newbies.

Scan the chain experience

But no matter what, scanning the chain is a rather tedious and boring thing, and in the PVP environment, players need to fight against the heavens, the earth, and other people. Sitting all day may have no results. Here are some experiences of scanning the chain, hoping to help beginners.

More observation, less action

Watching more and trading less is the most common advice from blockchain experts. For PVP Newbies, it's better to spend more time observing MEME coins instead of rushing into trading, which can save a lot of 'tuition fees.' Carefully observe the Candlestick chart of a MEME coin, summarize the patterns, especially for those MEME coins that one believes in but ultimately don't survive. This can effectively enhance one's understanding of MEME and perception of the PVP market.

In short, the on-chain opportunities are unlimited, but the players' principal is limited, and often a high-quality target actually has ample 'enter a position' time.

Double the investment

Doubling the capital is a trading strategy suitable for small capital and Newbies. When a memes is in the pump period, the fear of missing out sentiment spreads, causing players to be afraid of "selling out" and not wanting to take profit, and even leading to increasing the position. However, the collapse of memes will be faster than the pump. If you don't withdraw in time, it is likely to end up with nothing.

The story of single coin A7 or even A8 may be tempting, but it also needs to consider its own risk tolerance. At the same time, from the perspective of on-chain memes, it has reached a comprehensive level. Whether a meme coin can attract more followers is no longer just a matter of perspective. It also involves the power of community, capital, and exchanges. Therefore, do not be easily influenced by narratives and perspectives, the decision to invest still needs to be carefully considered.

Grasp the time difference and pay attention to rest

Finally, the body is the capital of the revolution, and scanning the chain all day long is a burden on the player's body, and it is easy to cause psychological burdens such as anxiety. Therefore, in order to protect the body and rest well without missing the high probability of the Golden Dog, it is necessary to grasp the time difference.

According to Odaily reporter Nan Zhi's data analysis, after 21:00 in the evening, the frequency of gold dog jumped from 2% to 4% and continued to rise, reaching its peak from 3:00 to 6:00 in the early morning, and then falling back to 2%-3% in the morning (related reading: Meme Practice Manual: I discovered the rule of the golden birth time of the 'god disk'). Therefore, players can choose to scan the chain during the peak period of the gold dog's appearance, and rest during other times.