Author: Nan Zhi, Odaily Planet Daily

Recently, the Ethereum Meme craze has made a comeback, and on-chain Gas has also seen a recovery. On the other hand, compared to other chains, the Meme market atmosphere and players on Ethereum give the public the impression that it is more inclined towards "diamond hands". Who are the real winners, "diamond hands" or PvP masters? What are their data characteristics?

In this article, Odaily Planet Daily has analyzed the top 100 profit addresses of twenty Meme tokens, including tokens with market values of millions of dollars such as BURGER, tens of millions of dollars such as DOGE, and hundreds of millions of dollars such as Nerio and MOG, and analyzed their multidimensional characteristics.

Data Source and Processing Instructions

The data of each wallet in this article comes from GMGN. The unmodified basic data includes 7-day profit, 30-day profit, 30-day win rate, and wallet balance. Custom data includes:

• Total profit: Due to the deviation in the total profit data of a large number of addresses on GMGN, this article uses the profit value obtained by subtracting the "top ten tokens with the most losses" from the "top ten tokens with the most profit" as the total profit, and if there are fewer than ten, the calculation is based on the actual number.
• TOP profit: Tokens marked as "insufficient liquidity" on GMGN but with large profits are excluded, as these are mostly scam tokens with falsified market values. Then, the profit values of the top 1, 3, and 5 profitable tokens and the losses are calculated separately.
• Average profit per purchase/sale: 30-day total profit ÷ number of purchases/sales within 30 days.

In addition, this article manually removed duplicate addresses, addresses that obtained a large number of tokens through transfers (the profit calculation of such addresses may be problematic), and MEV Bot addresses, resulting in a total of 1581 addresses.

Wallet Data Analysis

How many "diamond hands" are there?

• The total profit of the 1581 addresses analyzed is $208 million, with an average profit of $131,900.
• The top 1 profitable token brought $190 million in profit to these addresses, with an average profit of $120,700.
• The top 1 losing token resulted in a total loss of $30.9 million, with an average loss of $19,500.

It can be seen that these "smart money" performs well in terms of profit/loss ratio, requiring only a 14% win rate to break even at a 600% profit/loss ratio.

Furthermore, Odaily divided the addresses based on the different total profit amounts and added top 3 and top 5 profit/loss analyses, as shown in the following figure:

• The higher the total profit of the address, the higher the profit/loss ratio or "diamond hand level".
• The profit/loss ratio of the top 1 is higher than that of the top 3 and 5, indicating that these "smart money" addresses often achieve large profits through individual tokens.

How often do "diamond hands" trade?

Furthermore, addresses with an ETH balance of less than 0.1 ETH or no transactions within 30 days were excluded, and it was found that the average number of trades for all addresses within 30 days was 337. The details of the total profit range are shown in the table below:

• Surprisingly, the most profitable addresses trade much more frequently than other ranges, perhaps indicating that these addresses are more actively seeking opportunities.
• The profit per trade of the most profitable addresses far exceeds that of other addresses, mainly due to a few addresses purchasing tokens worth tens of thousands of dollars on Nerio before they were listed on Binance, resulting in particularly high average profits per address.
• Addresses with profits of over $100,000 have a significantly lower "average profit per sale ÷ average profit per purchase" than other ranges, indicating that these addresses tend to make low-frequency purchases and then sell in batches.

Interpretation of Win Rate and Profit

Similarly, the mean win rate, 7-day profit, and 30-day profit for each range were analyzed, as shown in the table below:

• Unlike Solana, the win rates of profitable addresses in each range are not particularly high. In combination with the previous two sections, the focus should be on expanding the profit/loss ratio while maintaining a certain win rate.

(Detailed analysis of smart money on Solana can be found in "Insight into 1,000 Solana 'Smart Wallets': Who is Making a Killing? What Can We Learn from Them?")

• For addresses with profits of over $200,000, the 7-day profit and 30-day profit are very close, mainly due to some addresses making substantial profits on Nerio in recent days. This means that addresses in the $50,000-$200,000 profit range slightly outperform others in terms of sustained profit-making ability, and readers who prefer this strategy should pay attention to it.
• Losing addresses can have a low win rate and sustained losses, and can also be used as a "counterpoint" for reference.

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