do the department of government efficiency that mem coin is it just a pump and dump we're currently in a crash does it make sense to buy this low let's have a look at some onchain metrics to try to figure out if there is some kind of manipulation going on or if there's actual real adoption and they're simply just profit taking now here's the chart it's not the prettiest in the world and we're currently at 39 Cent per do which is a trending token on the Solana chain now the first explanation for a crash like this
could could simply be that the election is now over attention might be shifting Trump has won the prise of that profit taking is surprising though now doesn't make sense to buy the website does not have information about this we want to look at data most people aren't looking at we want to see the onchain analytics and so on the Solana chain there's more than 10,000 wallets that hold Doge at the same time there are 3,000 subscribers on telegram but here's something surprising there's only 800 followers on the xplatform on Twitter shouldn't a meme coin that's
closely related to Elon Musk have way more Twitter followers especially when the number of holders on the Solana chain are more than 10,000 now let's have a look at those holders let's have a look at the number of retail investors versus whale investors so on the left side we see the number of wallets that have at least 300 Doge tokens at the current price that's roughly $1,000 worth of the token in the middle we go at 10x in minimum holding so that's now 3,000 tokens or $10,000 for of the token on the right side we've
got $100,000 worth of the token now we can see how retail is adopting over time we can also see how the Wales did dump quite a bit we can also see that today a lot of tokens got transacted we see an all-time high in the traded volume now for small retail that's not an all-time high it's for medium retail and large retail so the whales are depressing the price now things are a bit strange right we have seen more than 10,000 holders on the Solana chain and we just look at the number of traders in
the last 24 hours then we seeing 39,000 buyers and 8,000 sellers so a lot of wallets that simply just buy and sell all the time and this is congruent with the history just have a look at this most trades happen from wallets without a star a star means a new wallet no star means an existing wallet so a lot of wash trading going on now on the face of it the charts over here should be positive they show that the small ret wallets tend to hold a lot of the supply normally we do not see
that normally we don't see 23% held by wallets that have less than ,000 in it we don't see 43% holding the rest normally we see the Wales holding much more and when we look at the value that's held by those different wallet cohorts we also see a quite nice even split but when we then dig deeper things are really not pretty have a look at the number of firsttime Traders versus recurring Traders over time we have seen days where there was half a million of new wallets trading the token on Solana some days we see
20,000 other days we see 222,000 those are simply just wallets that buy the token and afterwards sell it again another hint that there is a lot of wash trading going on and it looks like the number of wallets that hold the token are also getting artificially inflated have a look at this on the right we've already seen how there's more than 10,000 holders on the Solana chain and it seems like there has been massive influx of new holders in just the last 2 days however once we adjust for the minimum holding of 300 tokens we
don't see that growth at all there a little bit of growth but the curve looks very very different to what we've got over here right where we simply just went sideways and then suddenly saw another rush and so that's why I like onchain analytics so much we can really see what's going on under the hood we don't just look at Price charts we don't have to wait until we get rock pulled we can actually see the red flags directly in the numbers and when there's only 10,000 holders but there were days where half a million
different wallets interacted with the token things do not add up and so crypto is really a game of both luck and skill and with skill we can determine what kind of meme coins are pure scams pure rock poles and we can find out what kind of meme coins might potentially get some traction for example I like to track influencer wallets and over here we've got influencer Kyle chesse that bought the goat token on the 14th of October for 14 cents so that was over here since then the price went up by almost 500% I have
a look at this the Frog token also bought by Kyle Chessie that was on the day of launch that went up by more than 3,000% now it's not just Kyle chesse that we are tracking even though we do have quite a few wallets of his to be more exact we've got 12 of his wallets in total though we track more than 400 wallets so that's by various influencers that's by top Traders that's where I get my Alpha from and so there's a dedicated video course on how to find influencer Wallets on how to then afterwards
track them and how to then subsequently interpret the signals that we get from the tracking it's eight videos in total feel free to check it out it's part of Premium down below the bitcoin.com but there's more than 100 videos in total also on onchain analytics what we did in this video or on other things like Risk Management portfolio diversification Etc we discuss our wallet findings in dedicated telegram groups and we discuss our trading signals also in dedicated altcoin chat groups so feel free to check it out it's $125 per month there's also a onee money
back guarantee so there's zero risk for you if you do not like it just message me within the first s days and I'll ref front you 100% so I am personally staying away from the Doge token there is way too much manipulation going on there's nothing natural happening here if you got some value out this video feel free to subscribe I publish videos regly a like would be very much appreciated as well it helps the channel grow see you in the next video or see you in premium cheers
