Taking the case of NEIRO in uppercase and lowercase, deeply analyze how to find the "smart money" behind the MEME Token.

This article will use three tools: Dune, Nansen, and Arkham, taking the case of NEIRO as an example, to detail the steps for reviewing profitable addresses and analyzing the process of "smart money."

Capital Token NEIRO( ETH) Profit Address Analysis

Query through Dune to obtain the top ten most profitable addresses and the addresses with the highest multiples for uppercase Tokens. The results show:

• Currently, there are few large holders of major tokens with floating profits, and most addresses are in a state of floating losses.
• The top three addresses achieved maximum returns while setting an extremely high multiple of 450-880 times.
• From the perspective of the number of trades, an address with an extremely high multiple of only one trade can basically be judged as "insider trading".

Next, we will conduct an in-depth analysis of the first three addresses:

Address 1: 0x108d9b652d20fb2e196d3118a209bf792848781c

Suspected Wintermute sub-wallet. This address exchanged nearly 10 million tokens for 95 USD at the early stage of the token release and transferred to two addresses:

• Address 0x9b3980716cb055bf0a2a05b3bc723d6806e1bf4d( a)
• 0xe5e6ed8184ebdc2c0d1b23db4c943f006de83fb0( address b)

Address a is the market maker address for Wintermute, and a large number of tokens will subsequently be transferred to other Wintermute addresses. Address b transfers tokens to Bybit and MEXC.

Comprehensive analysis suggests that Wintermute may be one of the key players behind the capital Token.

Address 2: 0x1a768781d4543ae6862471ca603ee64d0827e848

The address purchased 131 dollars worth of tokens in the early stages of the release and later transferred out in two transactions to:

• Address 0xd56fd17fcc0b9d346d6b1bd011dd1d93c67b497b( c)
• 0xbbbeab557377314cfa82c6467e51bd0c53462faf( address d)

Both addresses have not sold any tokens. Address d also received a small transfer from crackoon.eth, which is suspected to have conducted large-scale transfer testing.

Address 3: 0xb265f497c5b9f63ffc739bca24db5601ce90aff3

The holdings of this address are almost identical to those of address d, suggesting that addresses 2 and 3 are behind the same entity. Address 3 sent the Token to:

• 0x23feb0f143990a9b3aa327ba516ce432b6dfafa1( address e)
• Crypto.com Exchange

The address e directly shipped to Bitget, earning a profit of 380,000 USD.

analysis summary

Analysis reveals that Wintermute and another party represented by the address (, behind addresses 2 and 3, may be major participants of NEIRO. These addresses distribute tokens through the same CoinTool splitter, ultimately linking to a Binance account address. This address is worth paying close attention to, as other tokens in its holdings may also present trading opportunities.

![Taking NEIRO as an example, I will guide you step by step on how to find the MEME COIN's market maker?])https://img-cdn.gateio.im/webp-social/moments-db61ccb85dcb3bc2a778e2538f691fff.webp(

Lowercase Token NEIRO) CTO( Profit Address Analysis

Similarly, use Dune to query the profit addresses of lowercase tokens, focusing on analyzing the maximum profit address and the maximum multiple address:

) Maximum profit address: 0x794e31c25fb4655056be42bbe10f02d342b7d868

• Position Value: 3.18 million USD
• PNL: 3.15 million USD
• PNL%: 11686%

This address bought a large amount during the early stage of the Token release, using an MEV Bot for purchases. In the meantime, it received a transfer from Disperse.app. Initially focused on increasing positions, it has recently started to transfer out large amounts, suspected of offloading.

![Taking NEIRO in both uppercase and lowercase as an example, I will guide you step by step on how to find the MEME COIN's main player?]###https://img-cdn.gateio.im/webp-social/moments-978cad470288a535ca1f7696ea45adce.webp(

) Maximum multiple address: 0x0714225f3e9f051ff8f4d2951dc1ca028c221dca

• Position Value: 1.69 million USD
• PNL: 1.68 million USD
• PNL%: 24426%

The address made small incremental purchases at the end of July, then sold off a large amount and reinvested. At the beginning of August, a large number of tokens were投入 into the UNI V3 LP pool. On September 16, the day Binance went live, tokens were withdrawn from the LP and sold off completely.

![Taking NEIRO as an example, I'll teach you step by step how to find the MEME COIN's market maker?]###https://img-cdn.gateio.im/webp-social/moments-97ed5af7b00c4a18033fcb6f60790a03.webp(

) Largest buy address on September 15: 0x4bb22cbc4b177880a9f7d0677c61b4693d66a585

• PNL: 420,000 USD
• PNL%: 703%

The address transferred ETH from Bybit's hot wallet a day before the coin was listed on Binance and made a large purchase of lowercase tokens, selling them all the next day after the Binance listing. Suspected insider trader.

![Taking NEIRO as an example, step by step guide on how to find the MEME COIN's market maker?]###https://img-cdn.gateio.im/webp-social/moments-94dab7d5467050aabffb42c07721251e.webp(

Summary

By analyzing the profit addresses of upper and lower case NEIRO, we found a large number of "insider trading" addresses profiting from it. Such projects are extremely risky, and caution and risk management are necessary when participating. However, these two Tokens have also brought new speculation hotspots to the MEME market, and there may still be opportunities in the future, but more time is needed for verification.

![Taking NEIRO in both uppercase and lowercase as an example, I will guide you step by step on how to find the MEME COIN's market maker?])https://img-cdn.gateio.im/webp-social/moments-d2c276f3ebaa02eb3d2db79173129aa2.webp(