Who holds the supply
Concentration is the first thing to read: how much of the supply sits in how few wallets, and whether those wallets are linked.
Chapter 2.
Concentration is the first thing to read: how much of the supply sits in how few wallets, and whether those wallets are linked.
Top ten, minus the pool
The holder table lists the largest wallets outside the liquidity pool. The pool holds tokens for trading, not for one owner, so it is excluded. The method flags the top ten holding 30% or more of supply, and weighs it more at 50%. One wallet holding 10% or more is flagged on its own.
Clusters change the arithmetic
Ten wallets holding 3% each read very differently if all ten were funded by the same address. A cluster groups wallets linked by a shared funder, by transfers between them, or by buying in the same transaction. A cluster holding 8% or more is flagged; 20% or more weighs more.
A cluster is a set of links. It suggests the wallets may move together; it does not establish who controls them. Exchanges, bridges and routers fund thousands of unrelated wallets, so a shared funder that is one of those never links wallets on its own.
How to read it
Select holders in the lab to see their combined share. Open a cluster to see the links behind it and how strong each one is. Then ask the practical question: if this group sold together, what would the pool return? The exit curve answers that from the pool’s reserves.
TERMS IN THIS CHAPTER Cluster. Wallets linked by a shared funder, transfers between them, or buying in the same transaction. · Linked wallets. Wallets tied to the creator by funding or transfers. Reported as their share of supply.