This article will use the tools Dune, Nansen, and Arkham, taking the case of the token $NEIRO, to detail our steps in reviewing profit addresses and analyzing the process of identifying "smart money."

If you also want to learn on-chain data analysis and find the next "100x golden dog," be sure to read to the end.

What are the profit addresses for the token NEIRO (ETH)?

*Please note that there is a certain time gap between the writing and the actual publication of this article, and the profit data shown in the article may differ from the results obtained through Dune at the time of reading.

Generally, to check the profit addresses of an ERC20 token, you can directly use the existing profit query dashboard on Dune. There are many similar dashboards on Dune, and here we are using https://dune.com/dannyatlas/erc20-holder-analysis. You just need to input the token address to get the results.

After running the query, the top ten profit addresses for the token are as follows:

The top ten profit multiplier addresses are as follows:

*We have sorted the maximum profit addresses and maximum multiplier addresses in descending order to facilitate understanding of a token's maximum profit and highest multiplier. The significance of distinguishing the two is that the maximum profit is not necessarily the maximum multiplier, as a larger investor's rational profit-taking multiplier should be significantly lower than that of a smaller position investor.

From the above two results, we can see:

• Currently, there are relatively few large holders in profit for the token, with most addresses in loss, and the top four addresses in both categories are completely identical;

• Excluding the fourth address with a larger position, the 86% profit multiplier is relatively reasonable. The top three addresses not only achieved the maximum profit amount but also set ultra-high multipliers ranging from 450 to 880, showing a huge difference from the fourth address;

• From the leftmost column of Trades (number of transactions), there is only one transaction. For a MEME token, an address that can achieve such exaggerated multipliers can generally be directly judged as "insider trading."

It is important to note that since most possible "insider trading addresses" have already fully taken profits, the three addresses appearing in the table do not represent the largest "insider trading addresses," but only those that were not profit-taking at the time of writing.

Next, we will use Nansen and Arkham to conduct in-depth exploration of these three addresses to see what other discoveries we can make.

Profit Address Analysis for the Token NEIRO (ETH): Address 1

0x108d9b652d20fb2e196d3118a209bf792848781c (suspected Wintermute sub-wallet)

Dune shows that this address has a profit of $450,000, with over 880 times profit. This data is for reference only, as Nansen indicates that due to its high trading frequency, it cannot calculate the exact profit data.

This address initially spent only $95 to acquire nearly 10 million tokens and transferred them to:

• 0x9b3980716cb055bf0a2a05b3bc723d6806e1bf4d (Address a)

• 0xe5e6ed8184ebdc2c0d1b23db4c943f006de83fb0 (Address b)

Address a

According to records, we found that this is a sub-address under the market maker Wintermute, which sent $1.2 million worth of the token directly to the Wintermute market-making address on August 7. The latter received a total of 15 million tokens from three different addresses and then sent them to another market-making address: 0xdbf5e9c5206d0db70a90108bf936da60221dc080.

This last address is its direct trading address, conducting a large number of transfers in and out.

Considering its continuous accumulation of the token, we reasonably speculate that Wintermute may be one of the "conspiracy groups" behind the token.

• Address b

Address b has significantly fewer holdings compared to address a. Historical records show that it is a recently created address. Its operations involve receiving tokens and transferring them to the exchanges Bybit and MEXC.

From the other holdings of this address, we can see PEPE and BasedAI, and by checking Wintermute's total holdings through Arkham, we can find that PEPE and BasedAI are two important tokens among them. Thus, we can infer that this address is also a sub-wallet of Wintermute.

Profit Address Analysis for the Token NEIRO (ETH): Address 2

0x1a768781d4543ae6862471ca603ee64d0827e848

This address also bought NEIRO tokens worth $131 at the time of release and has since transferred out in two transactions, one two months ago and one recently, which we will refer to as address c and address d.

• Address c: 0xd56fd17fcc0b9d346d6b1bd011dd1d93c67b497b

Address c has never sold since receiving the tokens and has no other holdings.

• Address d: 0xbbbeab557377314cfa82c6467e51bd0c53462faf

Similarly, address d has not sold any NEIRO tokens either.

It holds many unknown MEME coins, but the overall position value is far less than that of NEIRO itself.

In addition, address d recently received 4 NEIRO tokens transferred from crackoon.eth (0x0cc4bed1190019cb4be95e81fd4c4fc7cee600a4). Following the trail, we found that crackoon.eth recently bought $10 worth of tokens and distributed them to many addresses, likely for testing large-scale transfers in the future.

The First Funder of crackoon.eth also comes from the well-known dark pool project Railgun address, further supporting the speculation mentioned above. However, due to the strong privacy of dark pools, we cannot further uncover the true trading entities behind it, and the overall exploration of address 2 must come to a temporary halt.

Profit Address Analysis for the Token NEIRO (ETH): Address 3

0xb265f497c5b9f63ffc739bca24db5601ce90aff3

Coincidentally, address 3 has almost the same holdings as address d:

Here is address d again: 0xbbbeab557377314cfa82c6467e51bd0c53462faf

This clearly indicates that addresses 2 and 3 are actually being driven by the same person/group.

According to the records of address 3, it sent tokens to 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1 (address e) and to the Crypto.com exchange for liquidation.

• Address e: 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1

Address e directly transferred to Bitget for liquidation, achieving a profit of $380,000, which is quite substantial.

Summary of Profit Address Analysis for the Token NEIRO (ETH)

Through the analysis of the three largest profit addresses, we identified Wintermute and another party (addresses 2 and 3 are actually the same person) as members of the "conspiracy group" behind NEIRO.

Further analysis with Nansen reveals that there is a connection between these three addresses: they were distributed by the same CoinTool splitter, with the address being: 0xcec8f07014d889442d7cf3b477b8f72f8179ea09.

According to wallet creation records, the splitter is directly linked to a final Binance account address: 0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be.

This address can be a key focus for our subsequent monitoring, as its holdings consist mostly of relatively unfamiliar tokens. Based on the share of holdings, we can roughly speculate that these tokens may also be manipulated by this address, thus further seeking trading opportunities for these tokens.

What are the profit addresses for the token NEIRO (CTO)?

Similarly, we can find the profit addresses for the lowercase token using Dune's dashboard.

Lowercase token contract address: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee

The top ten profit addresses are as follows:

The top ten profit multiplier addresses are as follows:

Based on the initial purchase time, it is evident that many addresses bought at the same time during the token issuance, indicating that there is likely an "insider trading" issue similar to that of the uppercase token.

Next, we will analyze the top profit address and the top multiplier address.

Profit Address Analysis for the Token NEIRO (CTO): The One Who Earned the Most

Basic Information?

Address: 0x794e31c25fb4655056be42bbe10f02d342b7d868

Position Value: $3.18 million

PNL: $3.15 million

PNL%: 11686%

Operations?

On July 27, at the launch of the lowercase token, a large amount was purchased using an MEV Bot.

During this time, it received a transfer from Disperse.app address 0xd152f549545093347a162dce210e7293f1452150, which is commonly used for airdrops and reward distributions.

In the first two months, the focus was on accumulating tokens, but starting last month, tokens were gradually transferred out, with two transfers likely being for liquidation:

• Transfer Address 1: 0x3597c4ecbc988c6c4ed40a1be487149a7e6e6fda

The original address sent 1.7 billion NEIRO to an address labeled as Dex Trader on July 31. The latter's records show that it received tokens from many addresses and exchanges, and transferred them into a multi-signature address that received tokens from the original address.

This multi-signature address obtained lowercase tokens from 14 different addresses, and its operations were mostly for direct liquidation:

Another transfer is also worth our attention.

• Transfer Address 2: 0x238abc9f9a567802e5d2b07cc2d09dca83f59fe9

The original address sent tokens worth $300,000 to this wallet after it was listed on Binance on August 23, and records show that the NEIRO received by this address came from multiple wallets, ultimately flowing to Binance or KuCoin. Approximately $1.24 million worth of NEIRO was sold.

Profit Address Analysis for the Token NEIRO (CTO): The One with the Highest Profit Multiplier

Basic Information?

Address: 0x0714225f3e9f051ff8f4d2951dc1ca028c221dca

Position Value: $1.69 million

PNL: $1.68 million

PNL%: 24426%

Operations?

Between July 28 and August 1, it built positions in batches and small amounts (a few thousand dollars), then liquidated a large amount, and subsequently reinvested the earned ETH.

On August 4, 900 million NEIRO was投入 into the UNI V3 LP pool, while simultaneously transferring 1 billion tokens to 0xf4979415def634142815671a3fde8ae3c84fa792.

Then, 0xf497 transferred these 1 billion tokens to a third address: 0xd8de7db6b2a89e80f2f96abc0214f64b4614f013. On September 16, the day it was listed on Binance, he withdrew 300 million tokens from the LP, selling a total of 1.3 billion NEIRO, including the previously transferred 1 billion.

For the lowercase token, in addition to the two representative addresses mentioned earlier, we should also pay attention to the address that bought the most on September 15, trying to find out who was buying in large quantities the day before the spot listing on Binance, to infer whether it was insider trading.

By directly filtering the date through Nansen for September 15, we obtained the following results:

Eight addresses traded over $10,000, and we will continue to take the first one as an example to observe how this address operated.

Basic Information?

Address: 0x4bb22cbc4b177880a9f7d0677c61b4693d66a585

Position Value: Cleared

PNL: $420,000

PNL%: 703%

Operations?

On September 15, 22 ETH was transferred from a Bybit hot wallet (not a main wallet), and $50,000 worth of lowercase tokens were purchased on UniSwap.

On September 16, when lowercase NEIRO (CTO) was listed on Binance, all tokens were sold for USDT.

These USDT were largely transferred to several unknown addresses. (Suspected to be some privacy operations, currently unable to trace back.)

Based on its operations, we speculate that this address is likely an insider trader who was aware of the listing situation in advance, thus profiting significantly. We can monitor whether this address has further operations.

Summary of Address Analysis for Uppercase and Lowercase NEIRO

$NEIRO is a token that has generated significant discussion and controversy this year, with the uppercase and lowercase debate bringing about a wealth effect. However, behind this, we have discovered a large number of "insider trading" addresses profiting from it, or even suggesting that most of the token profits may have been earned by these addresses.

Such projects carry extremely high risks, so it is essential to set profit-taking and stop-loss measures before participating, and to be aware of various risks.

On the positive side, at least these two tokens have brought a new speculative narrative to the MEME market, generating high interest, and perhaps there will be opportunities for each in the future, though more time is needed for verification.

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