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GM Nansen explorers!
Welcome to The Compass, Nansen’s weekly product feature newsletter where we highlight features or dashboards to help you learn more about Nansen and offer ways to get the most out of your subscription. A compass to help you navigate while you explore the on-chain world. We’ll also briefly recap product launches or updates that have gone live in the past week and share interesting threads that have utilized our data.
In this week’s issue, we’ll be going over how I use the Latest DEX trades table in Token God Mode to find wallets to keep an eye on and potentially copy trade.
ICYMI
In case you missed it, we’ve had 2 exciting product launches the past week:
- Our very own Research Portal that features exclusive research on various ecosystems, stablecoins, DeFi, NFTs, & more. Do note that you’ll have to log-in to access the site.
- Added multiple features to Nansen Connect - Ledger & Trezor support, Smart Alerts, Push Notifications, Improved UIUX, just some of the key features added.
Explorer’s Threads
In this section, we’ll be sharing some of the best tweets and threads featuring Nansen data each week. We are constantly on the lookout for interesting threads from our community. Be sure to tag us!
- KNC whale movements by theData_Nerd: Link
- An on-chain look at Azuki’s massive volume spike by themlpx: Link
- Following the Airdrop pros by nellimkopi: Link
- Longling Capital Levering up in a bear market by Blockanalia: Link
- NFT User Churn Investigation using Nansen Query by ElBarto_Crypto: Link
Dashboard Deep Dive
Overview
The Latest DEX Trades table can be found on the “Transactions” tab of Token God Mode. As the name suggests, it showcases the latest trades happening on DEXes for the particular token you’re looking at. It’s often overlooked and glanced over due to how simple it is but I personally find that it’s a great place to discover wallets that are worth keeping an eye on - both as a trader and a longer term investor.
Dashboard in Action
I’ll be going over how I found a wallet that has been actively trading SWEAT and making a profit. SWEAT is a newly launched move-to-earn token that Andrew also briefly covered in last week’s issue of The Map & The Territory. As with all newly launched tokens, attention on Crypto Twitter (CT) is at its highest and so is volatility (50% intraday swings type volatility).
On the 18th of September, the token dipped 17% after coming off a 55% upwards move. I figured it’ll be a good time to do a little on-chain digging to find traders that have been navigating the volatility well. Checked out the Latest DEX Trades table, specifically focused on wallets that have been buying the dip instead of panic selling and buying decent amounts. A few wallets looked interesting but I’ll only be covering the Heavy Dex Trader.
Went straight to Wallet Profiler For Token to get an overview of all the transactions the Heavy Dex Trader has made for the SWEAT token. Turns out, the trader has been actively trading SWEAT since the day it launched, with 38 transactions and most trades being closed within a day.
The trader hasn’t done so well the past 2 days and wiped out most of the profit made over the week but the majority of trades made have been profitable (66% hit rate). Quick tip: You can easily eyeball the success of the trades on Nansen Portfolio’s transactions tab!
I’ve added the wallet to my watchlist and have set up Smart Alerts for it but it’s still too early to tell if it’s copy trade worthy. The trader appears to have a few flaws, position sizing and risk management seems to be inconsistent and is better at intraday trades - biggest loss came from a trade that spanned multiple days.
TLDR
- Pick a token you want to trade, ideally one that has sufficient on-chain liquidity so you’ll be able to spot more Smart Money and whales trading
- Check out the Latest DEX Trades table and hone in on wallets that executed good trades during crucial timings - e.g. buys at recent bottoms/sells at recent tops
- Investigate shortlisted wallets in wallet profiler for token or on Nansen portfolio to confirm a history of consistently profitable trades
- Add wallet to watchlist & set up Smart Alerts to receive real time notifications on Discord/Telegram/Slack whenever the wallet makes a move.
Other Tips
Other than finding wallets to keep an eye on, you’re able to use the Latest Dex Trades table to get a quick overview of how traders are reacting after a recent event or announcement.
- An example would be a token unlock is happening soon - are traders buying the dip or selling?
That’s it for our second issue! We highly encourage all of you reading to log-in, try out what I did on any token of your choice and let us know what you find on Twitter/Discord/Reddit. If you’re not a Standard tier subscriber yet, there’s 1 more day to sign up for Nansen at up to 40% off. What are you waiting for, sign up today!
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