Author: Yue Xiaoyu
Whether it is exposure in the community or the praise rate, GMGN is a well-deserved star product, and it is also the tool that every Meme coin player needs to learn and use the most.
Every year there will be a main narrative, and related projects that can grasp this main narrative can rise quickly.
The mainstream narrative in 2025 is now very clear, and one of them is Meme coin.
Trump's issuance of currency has pushed the Meme coin craze to a new peak.
On the public chain layer, Solana has rapidly revived with the help of the Meme coin craze; and on the application layer, the Meme coin issuance platform PumpFun and a series of trading tools have emerged.
Among them, a typical project that is very worthy of attention is GMGN.
I have been learning how to play Meme coins, and the focus is on learning how to use this tool well.
If you want to do your work well, you must first sharpen your tools.
We need to fully understand this tool first, and then understand the underlying logic of the Meme coin trading tool track, so as to provide support for our own trading decisions.

1. Project positioning
Summary in one sentence: GMGN is a one-stop data analysis and trading tool that helps meme coin novice users obtain information such as insider trading, large coin holders, KOL positions, and smart money movements, and trade quickly.
2. Team Background
Jerry Ma is the founder of GMGN and has more than 20 years of experience in tool product development.
Haze is the co-founder of GMGN, a well-known trader and an early member of the Pai Network Exchange.
The team size is about 30 people, and it is a purely Chinese team.
3. Development history
September 2023: The project was launched, starting from the Ethereum main chain, providing smart money tracking services.
March 2024: The project was connected to the Solana chain and caught up with the Meme coin craze.
May 2024: The project's "rat warehouse" function was launched, and the transaction volume soared by 600%.
Overall, GMGN started out as a data analyst, and later expanded into trading tools.
4. Business model
The business model is simple and direct: a 1% handling fee is charged for each transaction.
GMGN caught up with this round of Meme coin craze. In this high-frequency trading scenario, the casino commission model can be said to be very profitable.
5. Data performance
Transaction volume: 4 billion US dollars in total
Number of transactions: 30 million in total
Fee collection: 40 million US dollars in total
Number of users: 420,000
Observing its transaction volume trend chart, the transaction volume is concentrated from October to December 2024, which coincides with the market trend of Meme coin.
6. Product form
Two modes are provided:
(1) TG Bot mode: user private keys are hosted on the server, supporting the setting of complex trading strategies to meet the strategy and speed requirements of advanced users;
(2) Website interaction mode: directly connect to the GMGN website through the plug-in wallet for transaction interaction. Each operation requires user authorization confirmation. This method is relatively safer.
7. Highlights
(1) Aggregation of PumpFun and Moonshot data: Users can track Meme coin hot spots in one stop;
(2) Tracking smart money: A smart money list was launched, supporting one-click copy trading;
(3) Insider trading: Clearly mark which projects have insider trading, and the marking logic includes operations on multiple wallets at the same time, consistent fund transfer behavior, etc.;
(4) Sniping new coins: TG has become a notification channel, real-time monitoring and push, and competes in speed in discovering new coins, tracking trends, and buying and selling;
Overall, GMGN has made a lot of optimizations in the Meme trading scene and provided many easy-to-use tools to help users make decisions and trade.
Among them, the insider trading function is a signature function.
Why is the insider trading function so important?
For VC coins, there are actual products. We can evaluate the value of this project by experiencing the product or looking at some product data, as well as some technical innovations.
But for Meme coin, there is none of these, it is just a pure air coin. So the most important point for people who speculate in Meme coins is the chip structure.
The chip structure determines whether the project can rise more sustainably, whether it can pull the market more sustainably, and whether there is selling pressure after reaching the key point.
Then the mouse warehouse function is very important, which can be said to directly hit the core pain point of the Meme coin user group.
8. Comparison of Competitive Products
(1) Compared with Debank: Debank supports multi-chain assets, whale wallet encrypted portfolio tracking and other functions, but is not as targeted as GMGN in Meme coins;
(2) Compared with Arkham: Arkham provides detailed data of wallet addresses, such as transaction history, profit and loss statement, asset trend chart, asset composition ratio, etc. However, GMGN has more advantages in terms of real-time and specificity of the Meme coin market.
(3) Compared with Dune and Nansen: Dune and Nansen mainly serve professional analysts, with very comprehensive data dimensions and a relatively simple revenue model (subscription fees and membership fees), while GMGN helps ordinary users better participate in the market by providing easy-to-use tools and signals;
(4) Compared with PumpFun: PumpFun is a fair issuance meme coin platform, similar to a supermarket, operating a large number of goods at low cost and then continuously selling them to users, while GMGN helps users choose goods better and faster. The two are complementary.
GMGN started with data analysis, but it does not completely belong to the data analysis tool track. The final link of data analysis is trading.
9. Subsequent development strategy
There are three main product ideas:
First, ensure that the service is stable enough;
Second, pursue a faster and ultimate operating experience;
Third, carefully record the needs raised by users and update them continuously.
GMGN has a list of 500 deep users. Product personnel constantly communicate with them and rank their needs at the S level of internal needs. As long as they pass the evaluation, they must be launched within 1 week.
From this example, we can see that a good product must be able to quickly meet user needs and market changes.
10. Summary
From the fundamental analysis of GMGN, we can see that GMGN's project features are rapid iteration, capturing hot spots, and in-depth service to specific user groups.
GMGN also took a lot of detours at the beginning. It first provided data analysis services in the Ethereum ecosystem, and then quickly responded to market changes and came to the Solana ecosystem to delve into the Meme coin track.
As mentioned at the beginning of the article, there will be a main narrative every year, and related applications that can grasp this main narrative can rise rapidly.
What new narrative will there be in 2025?
We cannot predict it now, because no one can predict the market trend or what new things will appear, but the only thing we can grasp is the speed of reaction to the market.
When we see that the market has formed a preliminary trend, we must react quickly and adjust our direction to seize this wave of enthusiasm, seize this part of specific users, and seize the core needs of this part of specific users.
Only in this way can we get the most benefit from a new narrative!