Author: Jaleel, BlockBeats

Editor: Jack, BlockBeats

Solana's dog trading has reached a fever pitch.

According to DefiLlama data, in December 2023, the trading volume of Solana's ecosystem DEX exceeded 28 billion US dollars, setting a new record for monthly trading volume. At the same time, the monthly active address and monthly new address of the Solana network also reached historic highs.

This also means that there are more and more competitors and robots in the trading of Solana Shiba Inu. As ordinary retail investors, how should we respond?

In this article, BlockBeats will delve into how to track and analyze successful traders in this dynamic market, as well as how to use trading robots to simplify and optimize trading strategies.

Data Dashboard

First, start with the data analysis dashboards of DexScreener and DEXTools to find some popular "Tu Gou" coins, and gradually learn how to find "Jin Gou" in this vibrant market.

DexScreener

Open the website DexScreener, select the public chain you want to observe, such as Solana, then select new pairs, and find the popular new dog coins trading pairs that have recently been listed. Observe the new tokens that are very popular but have a low market value, and you may have a chance to find a good "golden dog".

DEXTools

Similarly, DEXTools allows you to choose the blockchain you want to observe, as well as the ranking of tokens with higher profits among popular trading pairs and traders.

Birdeye

In addition, the popular Trending list on Birdeye is also a good reference standard. Users can cross-reference the hot lists of these three data dashboard websites and choose memes with higher overlap in popularity rankings.

Track Smart Money

Firstly, pay attention to the popular local dog coins with potential in the market. By analyzing the activities of Whale Traders, filter out the addresses that show profitable trends. Conduct in-depth analysis and extract key information from the transaction patterns of these addresses.

For example, on the $Silly token, we can switch to the "Top Traders" tab on DexScreener to find addresses with high profit levels. Click the filter icon to view the on-chain trading records of these addresses in order to better understand their trading strategies.

For example, you can see that Hv3nANwFgU84grTFnxUeN9R7QfpVsAu41HTDRPAxzeiY, which was once ranked high on the Silly owner leaderboard, turned only $92 into $2 million in just 26 days.

On solscan, you can see which tokens are currently held by this address. It should be noted that some of these tokens may have been airdropped rather than purchased actively. We can check the transaction records in SPL Transfers to confirm this.

Meanwhile, in SOL Transfers, we can see that there is a related address A1w4HSb7XHhdsr4F8kDT3quVEGEp8pL8jLr9QRBxJB9S that has previously received 1.5 SOL and it can be observed that this address also purchased $Silly 27 days ago. By observing the transaction transfers of related addresses in the same way, other related addresses can be discovered.

Finally, we can add these noteworthy transaction addresses to calculate the profitability level for selected addresses and understand the degree of their success. Analyze the transaction patterns of these addresses to reveal their underlying strategies. Mark these efficient strategies as "smart money" or other labels for future trading reference.

Trading Bot

Here are some Solana transaction bots mainly.

BONKbot Telegram Bot

BONKbot is a Solana trading bot running on Telegram, supported by Jupiter. It is the only official partner of the $BONK community and charges a 1% fee for each transaction, of which 30% goes to the team behind BONKbot, 20% covers recommendations, 10% is immediately burned, 10% is used for Bonk community contributions, 10% is used for infrastructure costs and future development, 10% is used for BonkDAO, and 10% is used to fund BonkLabs.

1. Create Wallet

Visit link BONKbot. After entering the start or /start command, you will see a welcome message. At this point, an empty wallet has been initialized. You will buy and sell from here.

2. Purchase

Click the "Buy" button, reply with the token address or name, and you can choose the quantity of tokens you want to purchase. Click "Buy X Sol" and you can choose the amount you want to purchase.

3. Position Management

After successfully purchasing tokens, you can manage your position by clicking "Manage". You can see: current profit, expressed in percentage and absolute value. Current value, calculated in US dollars and Sol. The market value, price change, net profit, initial value, token balance, slippage profit, wallet balance, etc. of the tokens you purchased.

Sol Trading Bot

Sol Trading Bot is a trading + sniper TG bot on Solana, integrating the three dexes Jupiter, Orca, and Radium.

1. Create Wallet

Visit SolTradingBot on Telegram by clicking here, then enter the command /start and click the 'wallet' button. The bot will display several options. If you need to create a new wallet, please select 'Generate New Wallet'. You will receive a new wallet address and its private key. Please keep this private key safe for future exports.

2. Conduct transactions

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia