Taking NEIRO as an example, I will teach you how to find the dealer of MEME COIN

Author: FC Talk

This article will use the three tools Dune / Nansen / Arkham, taking uppercase  $NEIRO  as an example, to show in detail our steps to review the profitable addresses and the process of analyzing "smart money".

If you also want to learn on-chain data analysis and find the next "100x Golden Dog", you must read it.

What are the profitable addresses of the uppercase token NEIRO (ETH)?

*Please note that there is a certain gap between the writing time of this article and the actual publishing time. The results of the profit disk in the article that are queried through Dune are likely to be different from those shown in the article.

Generally, to check the profit of an ERC20 token, you can directly use Dune's existing token profit query address dashboard. There are many similar dashboards in Dune. Here we use https://dune.com/dannyatlas/erc20-holder-analysis. You only need to fill in the token address and run it to get the result.

After running, the top ten addresses with the largest profit of capitalized tokens are as follows:

The top ten addresses with the largest profit multiples are as follows:

From the above two results, we can see that:

• There are relatively few large investors in capitalized tokens that are currently in floating profit, most addresses are in floating loss, and the top four addresses in both categories are exactly the same;

• Except for the fourth address with a large position, 86% of the profit multiples are relatively reasonable. While the top three addresses won the largest profit amount, they also set super high multiples ranging from 450 to 880 times, which is very different from the fourth place;

• Judging from the Trades (number of transactions) on the far left, there is only one transaction. For a MEME token, generally speaking, addresses that can reach such an extremely exaggerated multiple can basically be directly judged as "insider trading".

It should be noted here that since most of the possible "insider trading addresses" have completely stopped profit, the three addresses appearing in the table do not represent the largest "insider trading addresses", but only represent the addresses that have not stopped profit at the time of writing.

Next, we use Nansen / Arkham to dig deep into these three addresses to see what else we find.

Analysis of profitable addresses of uppercase token NEIRO (ETH): Address 1

0x108d9b652d20fb2e196d3118a209bf792848781c (suspected Wintermute sub-wallet)

Dune shows that the address has made a profit of 450,000 US dollars, more than 880 times the profit. This data is for reference only. Nansen shows that due to its high frequency of transactions, it is impossible to calculate the exact profit data.

This address spent only $95 in exchange for nearly 10 million tokens at the beginning of the release of the uppercase token, and transferred it to

• 0x9b3980716cb055bf0a2a05b3bc723d6806e1bf4d (address a)

• 0xe5e6ed8184ebdc2c0d1b23db4c943f006de83fb0 (address b)

Address a

The last address is its direct trading address, which performs a large number of transfer and receiving operations.

Combined with its various behaviors of continuously increasing its positions in uppercase tokens, we reasonably speculate that Wintermute may be one of the "conspiracy groups" behind uppercase tokens.

• Address b

The holdings of address b are much less than those of address a. According to historical records, it is an address that was created recently. Its operations are to transfer the tokens to Bybit and MEXC exchanges respectively after receiving them.

From other holdings of this address, we can find PEPE and BasedAI. By checking the total holdings of Wintermute through Arkham, we can also find that PEPE and BasedAI are two important tokens. It can be inferred that this address is also a sub-wallet of Wintermute.

Analysis of the profitable addresses of NEIRO (ETH) token: Address 2

0x1a768781d4543ae6862471ca603ee64d0827e848

This address also bought 131 USD worth of NEIRO tokens at the beginning of the release, and then transferred them out in two transactions before and recently. We use address c and address d as substitutes.

• Address c: 0xd56fd17fcc0b9d346d6b1bd011dd1d93c67b497b

Address c has never been sold since it was received, and there are no other positions.

• Address d: 0xbbbeab557377314cfa82c6467e51bd0c53462faf

Similarly, no uppercase tokens were sold at address d.

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

In addition, address d has recently received 4 uppercase tokens transferred from crackoon.eth (0x0cc4bed1190019cb4be95e81fd4c4fc7cee600a4). Following the clues, we found that crackoon.eth recently bought $10 worth of tokens, which were dispersed into many addresses. It is speculated that its purpose is probably to test the subsequent large-scale transfers.

The First Funder of crackoon.eth also comes from the address of the well-known dark pool project Railgun, which further proves the above-mentioned conjecture. However, due to the strong privacy of the dark pool itself, we cannot further dig out the real transaction subject behind it, and the overall mining work on address 2 can only come to a temporary end.

Analysis of the profitable addresses of the uppercase token NEIRO (ETH): Address 3

0xb265f497c5b9f63ffc739bca24db5601ce90aff3

Coincidentally, the holdings of address 3 and address d are almost exactly the same:

Here is the address d again: 0xbbbeab557377314cfa82c6467e51bd0c53462faf

This fully shows that the same person/group of people are actually behind address 2 and address 3.

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

• Address e: 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1

Address e was directly transferred to Bitget for shipment, with a direct profit of US$380,000, which is considerable.

Summary of profit address analysis of NEIRO (ETH)

So, through the analysis of the three largest profit addresses, we found that Wintermute and another party (the same person is actually behind address 2 and address 3) are members of the "conspiracy group" of NEIRO.

Through further analysis by Nansen, it can be found that there is actually a connection between these three addresses: they are distributed by the same CoinTool coin distributor, the address is: 0xcec8f07014d889442d7cf3b477b8f72f8179ea09.

According to the wallet creation record, the coin divider, as well as addresses 2 and 3, are directly linked to a final binance account address: 0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be.

This address can be used as the address for our subsequent key monitoring. Most of its holdings are relatively unfamiliar tokens. According to the holdings, it can be roughly inferred that these tokens may also be managed by this address, so as to further find trading opportunities for these tokens.

What are the profitable addresses of the lowercase token NEIRO (CTO)?

Use Dune's dashboard to find the profitable addresses of lowercase tokens.

Lowercase token contract address: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee

Among them, the top ten addresses with the largest profit are as follows:

The top ten addresses with the largest profit multiples are as follows:

Based on the first purchase time, it can be clearly found that many addresses bought at the same time when the token was issued, and it can be concluded that there is the same "insider trading" problem as the uppercase token.

The following is an analysis of the largest profit address and the first place of the largest multiple address.

Analysis of profitable addresses of lowercase token NEIRO (CTO): the one who made the most money

Basic situation?

Address: 0x794e31c25fb4655056be42bbe10f02d342b7d868

Position value: $3.18 million

PNL: $3.15 million

PNL%: 11686%

Operation?

On July 27, a large amount of lowercase tokens were bought at the beginning of their release, using a MEV Bot to purchase

Received a message from Disperse.app The transfer of address 0xd152f549545093347a162dce210e7293f1452150, which is a common tool for airdrops, reward distribution and other scenarios.

In the early two months, the tokens were mainly increased, but since last month, the tokens have been transferred out one after another. There are two transfers that are most likely to be shipments:

• Transfer address 1: 0x3597c4ecbc988c6c4ed40a1be487149a7e6e6fda

The original address was transferred to the label Dex on July 31 Trader’s address sent 1.7 billion NEIRO, and the latter’s records showed that tokens were received from many addresses and exchanges, and transferred to the same multi-signature address as the original address.

This multi-signature address obtained lowercase tokens from 14 different addresses, and its operations are basically direct shipments:

Another transfer is also worthy of our attention.

• Transfer address 2: 0x238abc9f9a567802e5d2b07cc2d09dca83f59fe9

The original address sent tokens worth $300,000 to the wallet after it was listed on Binance on August 23, and records show that the NEIRO received by the address came from multiple wallets, and eventually flowed to Binance or KuCoin. Sold NEIRO for approximately $1.24 million.

Analysis of the profitable address of lowercase token NEIRO (CTO): the person with the largest profit multiple

Basic situation?

Address: 0x0714225f3e9f051ff8f4d2951dc1ca028c221dca

Position value: US$1.69 million

PNL: US$1.68 million

PNL%: 24426%

Operation?

During July 28-August 1, positions were opened in batches and in small amounts (several thousand dollars), and then a large amount was sold, and then the earned ETH was used for reinvestment.

On August 4, 900 million NEIRO were invested in the LP pool of UNI V3, and 1 billion tokens were transferred to 0xf4979415def634142815671a3fde8ae3c84fa792.

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

For lowercase, in addition to the two representative addresses mentioned in the previous article, we should also pay extra attention to the address that bought the most on September 15, that is, try to find who bought in large quantities the day before the listing on Binance spot, so as to infer whether it is insider trading.

Filter the date directly through Nansen, select September 15th, and get the following results:

There are 8 addresses that have traded more than 10,000 US dollars. Let's continue to take the first one as an example to observe how the address operates.

Basic situation?

Address: 0x4bb22cbc4b177880a9f7d0677c61b4693d66a585

Position value: liquidated

PNL: $420,000

PNL%: 703%

Operation?

On September 16, Binance launched lowercase NEIRO (CTO), and all were sold in exchange for USDT.

These USDTs were transferred to several other unknown addresses in large quantities. (It is suspected to be some privacy operation packaging, and it is temporarily impossible to trace the source.)

Combined with its operation, we speculate that the address is suspected to be an insider trader who knew the listing situation in advance and therefore made a lot of profit. You can pay attention to whether there are any operations in the future.

Summary of the analysis of NEIRO addresses in upper and lower case

$NEIRO is a token that has been discussed and controversial this year. The dispute over upper and lower case also brought a lot of wealth effect. But behind the scenes, we found that a large number of "insider trading" addresses profited from it, or even that most of the token profits may have been earned by these addresses.

Such projects are extremely risky, so you need to make profit and loss stops before participating, and be sure to pay attention to various risks.

On the bright side, at least these two tokens have brought new hype narratives to the MEME market, and they are very popular. Maybe there will be opportunities for each in the future, but it will take more time to test.