From beginner to catching the "Golden Dog," how can Meme newcomers use GMGN to scan the chain?

Author: Golem, Odaily Planet Daily

Last week, we specifically discussed how to use GMGN for smart money following, and also briefly introduced some other smart money following tools available in the market.

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 portion 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 by encountering "kill-follow" smart money.

For players with smaller capital and more 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 a first-mover advantage in PVP for greater price increases. Additionally, personal experience can enhance one’s understanding and recognition of Memes, avoiding blind obedience to KOL recommendations, and one day relying on one’s own strength to catch hundredfold golden dogs.

Without further ado, Odaily Planet Daily will teach you how to use GMGN for chain scanning in this article. If you are a PVP novice aspiring to become a new generation "P little general," let’s learn together!

Meme Chain Scanning

First, open the GMGN web interface, click on the Meme page in the upper left corner. GMGN supports viewing Memes on Solana, Tron, Base, Ethereum, and Blast; 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 will 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 $100,000, 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 transactions, while transactions after liquidity is added to Raydium are called external transactions (opening external transactions may require waiting 10 to 30 minutes).

Therefore, the three columns of the dashboard in the image above represent the following:

• 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.

Additionally, 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 transactions and attract more attention. Many tokens will die in the "cradle" of internal transactions, so how to filter and identify tokens becomes extremely important.

The purpose 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, at least the options "at least one social media" and "DEV liquidation" should be checked (DEV refers to the token deployer). Having one social media can help us gather more information, while DEV liquidation can eliminate some risks of being scammed. "DEV burning tokens" means the project party will burn their held tokens, but this option can be checked in "Opened" and "DEV liquidation" can be selected in internal transactions.

In addition to checking options, GMGN's filtering function can also filter by internal transaction progress, market value range, number of transactions, number of holders, number of comments, and time. Generally, for Meme coins that are about to fill, the number of holders should be at least over 40, and the number of transactions can be chosen to be over 100; for opened Meme coins, selecting a market value of over 100k can eliminate many Meme coins that "cut" right after opening.

Each list can be personalized for filtering, 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 holding ratios of tokens, whether DEV has liquidated, social media links, number of holders, and transaction counts 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 referred to 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 GMGN to Google to search for relevant information and links about that image. Since Memes need to attract attention, it is essential to consider the 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 angles are worth pursuing?

1. Coins released by social or crypto industry celebrities or tokens indirectly related to them, including shared Twitter accounts, event-related, or Twitter statements, should be closely monitored. Of course, to discover these first-hand, you need to build a following list on Twitter.

2. Related to recent Meme narratives, which typically refers to imitation 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.

3. Completely new on-chain narratives or hot topics; this angle is the hardest to grasp and judge, but if captured, 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 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 Rug risk.)

Additionally, as shown in the image below, the filtering options on the new token page differ from those on the Meme page, with added options for "Mint Discard," "Blacklist," and "Burn Pool." "Mint Discard" means the project party cannot issue additional tokens, while "Blacklist" means the project party cannot blacklist any wallet 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 does not scan the chain as timely as the Meme page, it actually further helps users reduce the risk of scams, especially the lists for "Burn Pool" and "DEXScreener Paid," which are also good trial pages for novices.

Chain Scanning Insights

However, chain scanning is a rather tedious task, and in the PVP environment, players need to contend with the heavens, the earth, and other players. Sitting all day may yield no results. Here are some chain scanning insights that may help novices.

Observe More, Act Less

"Observe more, act less" is a common saying among chain scanning experts. For PVP novices, 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 you personally believe in but ultimately did not survive. This can effectively enhance your understanding of Memes and your 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 novices. When a Meme coin is on the rise, FOMO emotions spread, causing players to fear "missing out" and not wanting to take profits, which may even lead to increasing their positions. However, the collapse of a Meme coin can be faster than its rise, and if one cannot retreat in time, they may lose everything.

While stories of single coins A7 or even A8 are tempting, 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; it also involves community, funding, and exchange forces. Therefore, do not be easily swayed by narratives and angles; if it’s time to take profits, then take profits.

Seize Time Differences, Pay Attention to Rest

Finally, health is the foundation of revolution. Sitting all day scanning chains 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 protecting one’s health, it is essential to seize time differences.

According to data analysis by Odaily reporter Nan Zhi, after 9 PM, the frequency of golden dogs jumps from 2% to 4% and continues to rise, peaking between 3 AM and 6 AM, then falling back to 2%-3% in the morning. Therefore, players can choose to scan the chain during the peak probability of golden dog appearances and rest during other times.