Two thousand smart address data summarizes the characteristics of Ethereum Meme big winners: "diamond hands" or PvP

Author: Nan Zhi, Odaily Planet Daily

Recently, the Ethereum meme craze has returned, and on-chain gas fees have also seen a revival. On the other hand, the market atmosphere and players in the Ethereum meme space give the public the impression of being more "diamond hands" compared to other chains. Are the true winners the "diamond hands" or the PvP experts? What are their data characteristics?

Odaily Planet Daily has compiled the TOP 100 profit addresses of twenty meme tokens in this article, including various tokens such as BURGER with millions in market value, DOGE with tens of millions, and Nerio and MOG with over a hundred million in market value, analyzing their multidimensional characteristics.

Data Sources and Processing Instructions

The data for each wallet in this article comes from GMGN, where the unmodified basic data includes 7-day profit, 30-day profit, 30-day win rate, and wallet balance. Custom data includes:

• Total Profit: Due to discrepancies in total profit data for many addresses on GMGN, this article uses the profit value of "the ten tokens with the highest profits" minus "the ten tokens with the highest losses" as a substitute for total profit, calculating however many there are if fewer than ten.
• TOP Profit: Tokens marked as "illiquid" on GMGN but with large profits have been excluded; these are mostly scam tokens with inflated market values. The profit values for the top 1, 3, and 5 tokens are then separately calculated, with losses analyzed similarly.
• Average Profit per Purchase/Sale: 30-day total profit ÷ number of purchases/sales within 30 days.

Additionally, this article manually removed duplicate addresses, addresses that obtained large amounts of tokens through transfers (as profit calculations for these addresses may be problematic), and MEV Bot addresses, resulting in a total of 1581 addresses.

Wallet Data Analysis

How many diamond hands are there?

• The total profit of the 1581 addresses is 208 million USD, with an average profit of 131,900 USD;
• The token with the highest profit for these addresses brought in 190 million USD, with an average profit of 120,700 USD;
• The token with the highest losses totaled 30.9 million USD, with an average loss of 19,500 USD.

It is evident that these "smart money" addresses perform well in terms of profit-loss ratio, achieving break-even with just a 14% win rate under a 600% profit-loss ratio.

Furthermore, Odaily segmented the addresses based on total profit amounts and included TOP 3 and TOP 5 profit-loss analyses, with the results shown in the figure below:

• Addresses with higher total profits have higher profit-loss ratios, or "diamond hand levels";
• The profit-loss ratio of the TOP 1 is higher than that of the TOP 3 and 5, indicating that these "smart money" addresses often achieve large profits through single tokens.

What is the trading frequency of diamond hands?

Further, we excluded addresses with ETH balances less than 0.1 ETH or those that had not traded in the past 30 days, resulting in an average of 337 trades per address over 30 days, with details of total profit ranges shown in the table below:

• Surprisingly, the addresses with the highest profits have a trading frequency far exceeding other ranges, perhaps indicating that these addresses are more frequently seeking opportunities;
• The addresses with the highest profits also have significantly higher average profits per trade, primarily due to a few addresses purchasing tokens worth tens of thousands of dollars before Nerio was listed on Binance, leading to particularly high average profits per address;
• The "average profit per sale ÷ average profit per purchase" for addresses with profits over 100,000 USD is significantly lower than other ranges, indicating that these addresses tend to make low-frequency purchases and then sell in batches.

Win Rate and Profit Interpretation

Similarly, we analyzed the average win rate, 7-day profit, and 30-day profit by range, with the results shown in the table below:

• It can be seen that, unlike Solana, the win rates for profitable addresses across various ranges are not particularly high. Combined with the previous two sections, maintaining a certain win rate should focus on expanding the profit-loss ratio.

(For a detailed analysis of smart money on Solana, see "A Look into a Thousand Solana 'Smart Wallets': Who is Making a Killing? What Can We Learn From It?")

• Addresses with profits over 200,000 USD have 7-day and 30-day profits that are very close, primarily due to some addresses making significant profits from Nerio in recent days. This suggests that addresses in the 50,000 - 200,000 USD profit range have slightly better sustained profit capabilities, which may be of interest to readers who prefer this strategy.
• Addresses with negative profits exhibit low win rates and sustainable losses, which can also serve as a "contrarian indicator" for reference.