The number of holding addresses is only 111:
111 addresses mean that it is not "decentralized holding," but rather a typical highly centralized asset structure.
This indicates: there was no natural diffusion in the early stages, no real users were formed, and no one is willing to hold long term.
The on-chain chips are highly concentrated in the hands of a few: the difficulty of control is low, and the pace of operation is fast. If someone wants to dump, they don't need too many chips to create a waterfall.
Real demand is weak: a healthy project should have at least a few thousand to tens of thousands of holders; even niche tokens would exceed 1000. 111 belongs to the "extreme low temperature zone."
It resembles a bubble created by a small number of people, brothers, you know what I mean... rather than a spontaneously formed ecological fund pool.
A low number of holding addresses will lead to two typical behavioral structures:
① Price fluctuations are easily dominated by "a few wallets"
Any large operation from a single address can change the chart's shape.
The rises and falls you see are likely not market sentiment, but the movement of chips within the main force.
② New users entering = stepping into a room set by others
Because high concentration means:
Every purchase you make is building an exit for "early large holders."
This is typical:
Liquidity comes from new players, profits come from old players.
When is it a minefield?
Few addresses, shallow liquidity, weak team background
No substantial progress
Trading volume suddenly surges or plummets
Smart contracts have suspicious operations
The judgment criteria are straightforward:
The 111 addresses themselves are not the problem; the problem is: who is playing? How are they playing? Who are they playing for?
In the future, if you see any project with "extremely low holding addresses," you can use these three questions to judge:
Is it "highly controlled" or "highly hollow"?
Does the price momentum come from the story or from chip movements?
Are you following the market maker, or being utilized inversely by the market maker?
If you can't answer all three questions—
Then don’t enter, because you are not a participant, you are fuel.
#waves #加密市场观察