How to find the whale of meme coins? Experts use NEIROETH to analyze on-chain data and uncover who is behind the scenes.

In the cryptocurrency market, finding whales is a crucial step for investing in meme coins. Venture capitalist and co-founder of SevenX Ventures, @FC_0X0, uses the token NEIROETH as a case study to demonstrate how to analyze on-chain data and identify profit addresses and the "smart money" behind tokens using tools like Dune, Nansen, and Arkham. If you want to delve deeper into on-chain analysis and find the next hundredfold coin, keep reading.

Analysis of Profit Addresses for NEIRO ETH

@FC_0X0 stated that there may be a time difference between the writing and actual publishing of this article. The data presented in the article was queried through Dune and may differ from the latest situation.

How to Find Profit Addresses for ERC20 Tokens on Dune?

The simplest way to view the profit board of an ERC20 token is to search for the token-related existing board on Dune.

@FC_0X0 explained that you can enter the token's contract address in the board. The contract address for NEIROETH is: 0xEE2a03Aa6Dacf51C18679C516ad5283d8E7C2637. Running the search in descending order will show the top ten profit addresses of the token and the address with the highest profit multiplier. It is worth noting that "highest profit" and "highest profit multiplier" are different concepts, as the rational profit-taking multiplier is usually smaller for investors with larger positions than for those with smaller positions.

According to the query results, there are few large profitable holders of NEIROETH at the moment, with most addresses showing losses. The top three addresses have extremely high profit multipliers, reaching 450-880 times, and they have very few transaction counts. Such extreme profit multipliers are often a significant feature of "insider trading."

It should be noted that most of these "insider trading" addresses have already fully taken profits, so the three addresses listed in the table do not necessarily represent the largest insider trading addresses, but rather the addresses that have not taken profits at the time of writing.

Using Nansen and Arkham for In-depth Analysis of Profit Addresses

@FC_0X0 further explained that they will use Nansen and Arkham to conduct a deeper exploration of these three profit addresses to see if more clues can be found.

Detailed Analysis of Profit Addresses for NEIROETH

Address 1: 0x108d9b652d20fb2e196d3118a209bf792848781c Suspected Wintermute Sub-wallet

According to Dune's data, this address has made a profit of $450,000 through NEIROETH, with a profit exceeding 880 times. Due to its frequent transactions, Nansen cannot provide exact profit data. Nansen's analysis shows that this address initially purchased nearly 10 million tokens for $95 during NEIRO's launch and transferred them to two addresses:

• Address a: 0x9b3980716cb055bf0a2a05b3bc723d6806e1bf4d
• Address b: 0xe5e6ed8184ebdc2c0d1b23db4c943f006de83fb0

Address a

Analysis revealed that address a is a sub-address of market maker Wintermute. On August 7, address a sent $1.2 million worth of NEIRO to Wintermute's market-making address, which received a total of 15 million NEIRO from three different addresses and transferred them to another market-making address: 0xdbf5e9c5206d0db70a90108bf936da60221dc080. 0xdbf5e is considered an operator address, continuously engaging in token operations. Wintermute is thus considered the "manipulative force" behind NEIRO.

Address b

Address b holds fewer tokens and was recently created, mainly used to transfer received tokens to two exchanges, Bybit and MEXC. Address b also holds other tokens such as PEPE and BasedAI.

By checking Wintermute's total holdings through Arkham, it was also found that PEPE and BasedAI are the two main tokens held by Wintermute, indicating that address b is also a sub-wallet of Wintermute.

Address 2: 0x1a768781d4543ae6862471ca603ee64d0827e848

This address purchased tokens worth $131 during NEIRO's launch and transferred the tokens in two stages to two addresses:

Address c: 0xd56fd17fcc0b9d346d6b1bd011dd1d93c67b497b
Address d: 0xbbbeab557377314cfa82c6467e51bd0c53462faf

Address c

Address c has not sold any tokens since receiving them and does not hold any other tokens.

Address d

Address d has also not sold any NEIRO tokens, holding a large amount of unknown MEME tokens, but their value is lower than NEIRO. This address recently received 4 NEIRO transferred by crackoon.eth. Crackoon.eth purchased $10 worth of tokens recently and dispersed them to multiple addresses, indicating a large-scale transfer test.

The initial funding source of crackoon.eth comes from the well-known dark pool project Railgun address, but due to the high privacy of dark pools, further tracking is not possible.

Address 3: 0xb265f497c5b9f63ffc739bca24db5601ce90aff3

Coincidentally, the holdings of address 3 and address d are almost identical. Through their records, it is known that address 3 transferred tokens to 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1 (address e) and to Crypto.com for shipment. Address e then directly sold the tokens to Bitget, earning $380,000.

Summary: Identifying the Market Makers Behind NEIRO

Through the analysis of the top three profit addresses, @FC_0X0 discovered that Wintermute and another force behind addresses 2 and 3 are the same entity and are the "manipulative force" behind NEIRO. These addresses distribute tokens through the same CoinTool splitter, with the splitter address being: 0xcec8f07014d889442d7cf3b477b8f72f8179ea09.

Based on wallet creation records, the splitter, address 2, and address 3 are ultimately linked to a Binance address: 0x3f5ce5fbfe3e9af3971dd833d26ba9b5c936f0be. This address can be a focal point for future monitoring as it holds mostly unknown tokens, which may also be the target tokens being manipulated.

Another Case: Profit Address Analysis of the Lowercase Token NEIROCTO

Using the same Dune board, another profit address for NEIRO can be found, with the contract address being: 0x812ba41e071c7b7fa4ebcfb62df5f45f6fa853ee. By analyzing the first purchase time, @FC_0X0 found that many addresses bought in at the same time during the token's issuance, indicating similar "insider trading" issues as the uppercase token.

Next, @FC_0X0 analyzed the addresses with the highest profit amount and highest profit multiplier.

Profit Address 1 for Lowercase Token NEIROCTO: Top Earner

Basic Information

• Address: 0x794e31c25fb4655056be42bbe10f02d342b7d868
• Holdings Value: $3.18 million
• Profit: $3.15 million (ROI 11686%)

Operations

This address bought in during the token's issuance and later transferred the tokens out in two batches to two different addresses, reaping substantial profits.

Profit Address 2 for Lowercase Token NEIROCTO: Highest Profit Multiplier Earner

Basic Information

• Address: 0x0714225f3e9f051ff8f4d2951dc1ca028c221dca
• Holdings Value: $1.69 million
• Profit: $1.68 million (ROI 24426%)

Operations

This address made small purchases in batches, conducted a large amount of selling, reinvested the earned ETH, and extracted and sold all the tokens on the day of listing on Binance.

Summary: Analysis of Uppercase and Lowercase NEIRO Addresses

@FC_0X0 stated that NEIRO has been a widely discussed token this year, bringing both wealth effects and exposing a large amount of "insider trading" behavior. While such behavior is common in meme coin markets, it serves as a reminder to investors to set profit and stop-loss limits when participating in such high-risk projects. Although NEIRO has sparked interest in the market and may offer investment opportunities in the future, verification is still needed over time.