It goes without saying that being early in crypto is key. By being early, you get into a project at very cheap prices. Once others get in, they push token prices up. That’s when you get to reap the rewards.
With this, we’ll be teaching you the secrets to do so. In other words, how to be early in the next big crypto gem.
How to be Early in a Gem?
To be early in the next big crypto gem, there are really just two things to take note of. Firstly, you need to know how to use some on-chain tools. With tools like Dex Screener, we can find out which wallets are making great profits. Secondly, we use an easy-to-use Telegram Bot to help us monitor said wallets. Again, back to the adage: “Follow the Smart Money”.
Step #1 – Start Off With Dex Screener
To be early in the next big crypto gem, you’ll need to learn about Dex Screener. Basically, it’s a DeFi DEX aggregator. It collates a ton of data on tokens listed on DEXs. Many tokens are listed here first, way before they are on CoinGecko or CoinMarketCap. Hence, Dex Screener is a good place to pick up gems early.
To learn more about Dex Screener, you can refer to our previous research here. Now, let us dive into how we use it to get in early on gems.
Okay! Let’s use a recently popular memecoin, $GROK, as an example. Once you’re on its info page, click on the “Top Traders” tab. Here, you’ll see the wallets that made the most money trading the $GROK token. Do remember to choose a wallet that has bought tokens. This ensures that they’re not the original project wallet.
As shown in the above screenshot, let’s look at wallet #2. Here, we can see it has spent $1,629 of $ETH buying $GROK. Then, it sold $853,500 worth of its $GROK. That’s an impressive profit of $851,900! He/She has made a profit of over 500x. To view the wallet on Etherscan, simply click on the square icon under the “EXP” tab.
Now, your job is to obtain a list of wallets that made such impressive trades. To do this, go through many popular trading pairs, aside from $GROK. Once you’ve got about 20 wallets, you can move to the next step.
Step #2 – Head on Over to DexCheck
Next, head on over to DexCheck. DexCheck provides crypto and NFT analytical tools. To be early in the next big crypto gem, you’ll be using just one of its tools. Namely, the Crypto Address Analyzer.
4/ Once you find a potential wallet, you want to see how the wallet has performed as a whole. Dexcheck has a free wallet analyzer tool that tracks performance based off bought and sold tokens. pic.twitter.com/VvnUEZP3OV
— Minty (@DeFiMinty) November 15, 2023
So, earlier you shortlisted about 20 wallets with Dex Screener. But, each wallet has performed well trading in only one token. How do we know that the wallet is a consistent performer across many tokens? That’s the question that DexCheck can answer.
Once you’re at the analyzer tool, copy and paste each address you have into it. Take a look at each wallet’s trading performance. Shortlist about 5 wallets that you see are the most consistent and profitable. Once that’s done, you’re ready to go to the last step.
Step #3 – Staying Updated on Trades With Eth Token Explorer
For the last step to be early in the next big crypto gem, we need to use the messaging app, Telegram. Once you’ve set that up, type in “Eth Token Explorer” into the search bar. You should be able to see a Bot with the same name.
Now, before we move on, please note that there are a lot of crypto scams on Telegram. So, please be wary of any bots or people who ask you for your seed phrase. Never install any suspicious programs or download any files through Telegram.
Once you’re in the Bot, click on “Add Wallet“. You can add in more than one wallet and name each of them differently. So, you can add in all the five wallets that you’ve shortlisted earlier. Once you’ve done so, you’ll receive alerts through Telegram once each wallet makes any trades.
Conclusion
If you’ve done the above three steps, you can now get real-time updates on each wallet’s trades. With that, you can “copy-trade” your favorite wallets! And, you can ride the wave of profitability together with these expert gem hunters.
However, do note that each wallet has different risk appetites. Not every of their trades can be profitable too. So, do exercise caution and risk management when using the above method to get in early on gems.
