Original | Odaily Planet Daily (@OdailyChina)
The Solana Meme market is booming, and many players have likely joined the daily degen queue of scanning chains, groups, and tweets, rushing into at least three or four on-chain Meme coins a day, and sometimes even twenty or thirty. So, with so many Memes being rushed daily, I believe everyone has made some money, right?
If you have made money this way, you can indeed be called a standout in the on-chain world, which is enviable. However, in reality, 99% of Meme coins in the market are PVP, and the true situation for ordinary players is that buying in means hitting the peak, and holding on means getting cut. After finally rushing into a golden dog, either the chips are low or it gets sold off. After all the hassle, not only do you not break even, but the energy spent also lowers your efficiency in normal studies and work in real life _ (I’m talking about you who can’t focus in class or at work!)_
So, is there a way to help ordinary players scan chains and rush Memes for profit without affecting the rhythm of real life? The answer is to follow the smart money on-chain. Since November 16, I have been experimenting with following a smart money operation on-chain using 1.2 SOL, and so far, I have rushed into 101 Memes, with a total profit of 866.73 USDT, capturing three with over 500% profit.
However, teaching someone to fish is better than giving them fish. Odaily Planet Daily will provide a step-by-step guide on how to follow smart money operations and review mainstream smart money following tools.
How to Filter Smart Money to Follow
To follow smart money, you must first know who the smart money is. However, since everyone's operating habits and risk tolerance vary, we must filter out wallets that are similar to our own operating style or that we prefer to follow. Here are some ideas for searching, and I recommend reading the series of articles on smart money research by Odaily Planet Daily reporter Nan Zhi: _ (in order of publication)_
Perspective on a Thousand Solana "Smart Wallets": Who is Making a Killing? What Can We Learn?
Meme Cultivation Manual: Rebirth, I Want to Be a Diamond Hand (Part 1) | Produced by Nan Zhi
Meme Cultivation Manual: Rebirth, I Want to Be a Diamond Hand (Part 2) | Produced by Nan Zhi
Meme Cultivation Manual: Rebirth, I Want to Be a Diamond Hand (Part 3) | Produced by Nan Zhi
Using GMGN to Follow Smart Money Tutorial
GMGN is currently a popular tool for Meme trading, chain scanning, and on-chain data analysis. Users can connect decentralized wallets like Phantom and OKX Wallet on the web to trade Meme coins, or they can use the Telegram bot it launched for trading. The bot is faster than on-chain wallet trading but is also more susceptible to hackers stealing funds, so when using the TG bot, remember to only store a small amount of funds in your wallet.
Currently, you can only use GMGN's Telegram bot for following trades, and the tutorial is as follows:
Log into the Wallet Bot and Fund
First, click here to log into the GMGN wallet bot. When you are redirected to the following page, you have successfully logged in. As shown in the image below, GMGN will automatically generate wallet addresses for Solana, Ethereum, and Tron for users. If you want to trade Solana Meme coins, you need to transfer funds to the Solana address from an exchange or on-chain; the transfer operation will not be demonstrated here.
Using the Trading Bot
Once the funds are deposited into the BOT, click the blue "Trading Bot" next to the Solana address, which will redirect you to GMGN's trading bot.
As shown in the image above, if you are not used to reading in English, you can first click "Language" in the lower right corner to switch languages. GMGN's trading bot supports English, Chinese, and Korean. After switching, it will look like the image below, where GMGN has two following modes: "Signal Following" and "Wallet Following," which we will introduce separately.
Wallet Following
The GMGN trading bot can follow up to 10 addresses. If the balance is insufficient for three consecutive follow trades, the system will automatically stop the following task and send a message alert. After clicking on wallet following and creating a follow, the following settings will appear as shown in the image below.
First, click to input the address you want to follow;
Set fixed buy-in and maximum follow buy: Users can set a fixed buy amount for each follow trade. The maximum follow buy means that if the follow address's buy amount is less than the set maximum follow buy, the user's address will purchase at the fixed buy amount; if the follow address's buy amount exceeds the set maximum follow buy, the user's address will purchase at the set maximum follow buy;
Enable automatic follow sell: When the follow address sells, the user's address will sell proportionally. For example, if follow address A sells 10% of its holdings in GOAT, the user's GOAT bought from A will also sell 10% proportionally (the GOAT the user bought themselves or other follow addresses' GOAT will not be sold), but the sell ratio cannot be actively set. Users can also set take profit and stop loss and choose not to follow sell, meaning they will sell manually;
Other settings: GMGN also has priority fees (to make transactions confirm faster), anti-sandwich (to prevent bots from buying before the user's transaction confirmation and then selling for profit when the user's transaction is confirmed), and slippage (the maximum tolerable trading error) settings. However, for beginners, aside from enabling anti-sandwich, the other options can be left at default settings;
Finally, click "Create and Enable Following" to complete the setup.
If you return and click "Wallet Following" again, you will clearly see the status of the following operation, but you cannot view which specific Meme coins were bought/sold.
Signal Following
Signal following means buying and selling based on certain signals rather than specific smart money addresses. Signal following is a unique feature of GMGN, and the benefit is that users do not need to filter smart money addresses themselves; they only need to buy based on recognized trading signals.
Click "Signal Following," as shown in the image below. Currently, GMGN only has the "PUMP CTO" signal, which means that when a Solana token is taken over by the community as published on PUMP, the GMGN trading bot will automatically purchase based on the parameters and token filtering conditions set by the user.
After clicking "PUMP CTO," as shown in the image below, users can set some filtering parameters, including buy amount, pool size, opening time, trading volume, and number of trades, etc. However, currently, community CTOs in Solana Meme are not uncommon, as buying and selling may also be very frequent, so users should operate cautiously.
Other Smart Money Following Tools
In addition to GMGN, there are other reputable and user-friendly smart money following tools, which will be introduced one by one. _ (Odaily reminds again: Following tools require importing wallet private keys, so while the tools are good, be sure to be aware of the risks)_
Dbot
Dbot is a fully automated trading bot that supports multiple chains, featuring functions such as following trades, sniping, and limit trading. It also includes a simulator, which allows users who enjoy following smart money to better test the effectiveness of the selected smart money.
Additionally, Dbot's following trades do not use a Telegram bot; all operations are conducted on the website, providing clear and intuitive tracking of following records, including the Meme coins followed, buy and sell amounts, etc., making it easier to analyze and adjust strategies, as shown in the image below.
Banana Gun
Banana Gun is currently one of the more popular Telegram trading bots on the market. It supports token trading on Solana, Ethereum, and Base. Its interface is simple, with low fees, and while it specializes in trading sniping, it also has the function of following smart trades.
Maestro
Maestro is also a relatively mainstream Telegram trading bot with a comprehensive set of features. However, it appears somewhat complex and difficult to operate overall, making it less user-friendly for beginners. Maestro mainly includes a trading sniping bot, wallet bot, whale monitoring bot, and buy/sell monitoring bot, with the trading sniping bot also supporting following trades.
Trojan
Trojan was created by Reethmos, the former operations head of the Unibot community, and can be considered an affiliate product of Unibot. It also supports following trades and has a comprehensive set of parameter settings, allowing users to choose whether to repeat purchases of a token, as well as market cap and liquidity filters in the advanced settings.
Sol Trading
Sol Trading is another Telegram bot that integrates Jupiter, Orca, and Radium, helping users find more suitable transaction prices. However, while it supports following trades, the parameter settings for following are relatively simple, allowing only for fixed buy amounts and follow sell ratios.
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