Original | Odaily Planet Daily (@OdailyChina)
Last week, we specifically discussed how to use GMGN for smart money following, and briefly introduced some other smart trading tools available in the market. （Related reading: Hands-ontutorial: How Meme newbies can follow smart money）
However, players who frequently engage in on-chain PVP know that "smart money" is not always "smart." The common characteristics of smart money are: small amounts but frequent transactions, early entry but also early exit, and the main profit may, like most wallets, come from accidentally catching a few "golden dogs." Therefore, for some small-capital players, blindly following smart money does not guarantee profits; they may miss out on golden dogs due to their small capital size and inability to keep up with the "attack" frequency of smart money, or even lose their principal to smart money that "kills the follow."
For players with smaller capital and abundant energy, rather than 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 golden dogs. The advantage of scanning the chain oneself lies in the ability to leverage information and energy differences to gain an edge in PVP for greater price increases, and through personal experience, one can enhance their understanding and recognition of Memes, avoiding blind obedience to KOL recommendations, and one day rely on their own strength to catch hundred-fold golden dogs.
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 aspiring to become a new generation "P rookie," let's learn together～
Meme Chain Scanning
First, open the GMGN web page, click on the Meme page in the upper left corner. GMGN supports viewing Memes on Solana, Tron, Base, Ethereum, and Blast, and the following will take Solana chain as an example.
Page Introduction
As shown in the image below, this is the daily chain scanning page.
GMGN monitors two mainstream Meme coin issuance platforms on Solana, Pump and Moonshot. You can click the icon in the upper right corner to switch; generally, users tend to choose to view new tokens created on the Pump platform.
The basic rule of the Pump platform is that once the market value of a newly deployed Meme coin reaches $10,000, it will automatically add liquidity from the Pump platform to the liquidity pool of the token created on Raydium. Players usually refer to transactions on the Pump platform as internal trading, while transactions after liquidity is added to Raydium are called external trading (opening external trading may require waiting 10 to 30 minutes).
Therefore, the three columns of dashboards in the image above represent the following meanings:
Newly Created: Tokens newly created on the Pump platform;
About to Fill: Tokens on the Pump platform whose market value is about to reach $100,000;
Opened: Tokens whose market value has reached $100,000 and 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 button. Each token on the page has this icon next to it, and clicking it allows for quick purchase of that token. Users can set the amount of SOL to buy each time in the upper right corner.
How to Filter and Identify Tokens
Every day, countless new tokens are created on the Pump platform, but very few can make it to external trading and attract more attention. Many tokens will die in the "cradle" of internal trading, so how to filter and identify tokens becomes extremely important.
The significance of filtering is to initially exclude "scam tokens." As shown in the image above, GMGN's built-in filtering function can help us eliminate many scam tokens. Generally, it is advisable to check at least the options "at least one social media" and "DEV liquidation" (DEV refers to the token deployer). Having one social media can help us gather more information, while DEV liquidation can exclude some risks of being scammed. "DEV burning tokens" means the project party will burn the tokens they hold, but this option can be checked in "Opened" while selecting "DEV liquidation" in internal trading.
In addition to checking options, GMGN's filtering function can also filter by internal trading progress, market value range, number of transactions, number of holders, number of comments, and time. Generally, for Meme coins about to fill, the number of holders should be at least 40, and the number of transactions can be set to over 100; for opened Meme coins, selecting a market value of over 100k can exclude many Meme coins that "scam" right after opening.
Each list can be filtered according to personal preferences, and players can continuously adjust their filtering criteria as their chain scanning experience grows.
As shown in the image above, once the filtering settings are completed, players can clearly see the top 10 token holding ratios, whether DEV has liquidated, social media links, number of holders, transaction counts, and other data on the page. However, even after this initial filtering, there are still many Meme coins that appear, and players then need to identify which Meme coins are worth investing in, commonly expressed as "finding the angle of Meme coins."
Typically, there are two ways to analyze whether the angle of a Meme coin is viable: one is to click on the social media links attached to the token to learn more, and the other is to click on the Meme coin's avatar, which will automatically link to Google to search for related information and links about that image. Since a Meme needs to attract attention, it is essential to consider its image's spread and popularity on the internet. Google image search can help players quickly analyze relevant information, as shown in the image below.
So, what kind of angle is worth pursuing?
Tokens issued by social or crypto industry celebrities or tokens indirectly related to them, including mutual followers on Twitter, event-related, or Twitter statements, should be given special attention. Of course, to discover these first-hand, one needs to build a follow list on Twitter.
Tokens related to recent Meme narratives, which are usually referred to as clones and opportunistic tokens within a Meme sector, such as those related to recent AI Memes, Decsi, politics, mascots, etc. Of course, the ceiling for this type of Meme is generally not very high.
Completely new on-chain narratives or hot topics; this angle is the hardest to grasp and judge, but if caught, it could yield hundreds of times the return.
New Token Chain Scanning
By clicking on "New Tokens" in the upper left corner of GMGN, you can enter the new token dashboard, as shown in the image below.
This page aggregates newly created tokens from Pump, Raydium, and Moonshot. Players can filter new tokens from 1 minute to 24 hours in the upper left corner. The actual tokens on this page are no different from those on the Meme page, but the listing criteria have changed:
New Pool: Refers to a new pool that has added liquidity;
Burn Pool: A burn pool of 100% means the issuer cannot dump the token;
DEXScreener Paid: DEXScreener is the most commonly used Meme browser, and DEXScreener Paid means spending costs on Dexscreener for network updates, image placements, and additions, etc. (Generally, spending money indicates that the project has a team or community operation, reducing the risk of a rug pull.)
At the same time, as shown in the image below, the new token page has additional options compared to the Meme page, including "Mint Discard," "Blacklist," and "Burn Pool." "Mint Discard" means the project party cannot mint additional tokens, and "Blacklist" means the project party cannot blacklist any wallet's transactions, reducing the risk of scams. If you check the "Filter Risks" option in the upper right corner of the page, these two options will be automatically added.
Although the new token page may not be as timely as the Meme page for chain scanning, it actually helps users further reduce the risk of scams, especially the lists for "Burn Pool" and "DEXScreener Paid," which are also good trial pages for beginners.
Chain Scanning Insights
However, regardless of the approach, chain scanning is quite a tedious task, and in the PVP environment, players need to contend with the heavens, the earth, and other players. Sitting idle all day may yield no results. Here are some chain scanning insights that may help newcomers.
Watch More, Act Less
"Watch more, act less" is a common saying among chain scanning experts. For PVP newbies, observing Meme coins rather than rushing into them will save a lot of "tuition fees." Carefully observing the K-line trends of a Meme coin can help summarize patterns, especially for those Meme coins that one believes in but ultimately did not survive. This can effectively enhance one's understanding of Memes and perception of the PVP market.
In summary, on-chain opportunities are limitless, but players' capital is limited. Often, a quality target will have ample time to enter.
Double Your Capital
Doubling your capital is a trading strategy suitable for small funds and beginners. When a Meme coin is on the rise, FOMO emotions spread, causing players to fear "selling too early" and not wanting to take profits, which may even lead to increasing their positions. However, the collapse of a Meme coin can happen much faster than its rise, and if one cannot retreat in time, they may lose everything.
The stories of single coins A7 or A8 may be tempting, but one must also consider their own risk tolerance. At the same time, the angles of on-chain Meme coins have reached an all-encompassing level; whether a Meme coin can attract more attention is no longer just a matter of angle, but also involves community, funding, and exchange forces. Therefore, do not be easily swayed by narratives and angles; one must take profits when necessary.
Seize Time Differences, Pay Attention to Rest
Finally, health is the foundation of revolution. Sitting all day scanning the chain can burden players' bodies and easily lead to anxiety and other psychological pressures. Therefore, to avoid missing out on golden dogs while also ensuring good rest and health, one needs to seize time differences.
According to data analysis by Odaily reporter Nan Zhi, after 9 PM, the frequency of golden dogs rises from 2% to 4% and continues to increase, peaking between 3 AM and 6 AM, then falling back to 2%-3% in the morning. _（Related reading: _Meme Training Manual: I Discovered the Golden Time for "God Tokens" Birth规律） Therefore, players can choose to scan the chain during peak probabilities of golden dog appearances and rest during other times.
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