- Staying profitable in the cryptocurrency market requires doing exactly what crypto whales are doing, which involves tracking their wallets on DEX platforms.
- GMGN AI tools help users track, monitor, and analyze crypto smart money as they get involved in trading activities.
Blockchain transparency has made it possible for easy accessibility and tracking of activities such as analyzing smart money or crypto whales’ current buying and selling and even tracking their portfolio’s performance over a considerable time to enable users to make informed decisions about investments.
The ability to monitor or copy the trades of big crypto whales and influencers using different decentralized exchange (DEX) tools and blockchain scanners has become a game-changer for many looking to explore highly profitable investments in the crypto space.
This article focuses on tracking crypto whales on the Solana network, which can be applied to other blockchain networks, and on using these tools to monitor transactions.
Who Are Crypto Whales or Smart Money
Crypto whales or smart money are individuals or institutions with large holdings of cryptocurrencies in their portfolios who have a great influence on the price of the cryptocurrency asset in question.
While these crypto whales have no threshold of assets to become crypto whales, they are often big players who have a long history of profitability in the market and make informed decisions with large capitals at their disposal.
As cryptocurrency traders looking to become profitable, tracking these whales can help lift the burden of looking for highly profitable crypto assets. It can help you identify market trends and successful investment strategies you should be adopting.
Crypto whales usually influence the crypto market due to their large holding and insider knowledge to stay ahead of the market. Leveraging on the crypto whales can trigger a domino effect of becoming profitable and not missing out on the trades these ones are taking.
Let us examine some free DEX tools you can use to track these crypto whales and improve your profitability exponentially.
DEX Tools To Track Crypto Smart Money
Tracking crypto smart money looks daunting, but with the help of some free DEX tools, you are just a few clicks away from achieving this feat. Let’s look at a step-by-step guide using the GMGN AI tool.
The GMGN AI tool is a crypto DEX platform that allows users to trade different cryptocurrency assets on other blockchain networks, such as Ethereum, Solana, Base, etc. This tool also allows users to watch trending tokens and trade activities carried out on these tokens.
To track crypto whales, try to spot a tending token and head over to the activities section, where these tokens are bought and sold to track smart money players on those crypto assets.
- Scan Trading Activity Section
Upon selecting the trending crypto token or a preferred token to watch, click the token and head down to the activity section to view all transactions and PNL (profit and loss) by these crypto whales or traders.
Look out for the PNL or unrealized PNL to avoid tracking bots; when you find it, click on the wallet address to track this crypto whale. On the right side of the tab, you will see the portfolio, and you can analyze this whale’s trading history to begin your journey to profitability.
While this strategy has worked for many people, always do due diligence to avoid exposing yourself to these altcoins or memecoins as they have been known for extreme volatility.
