Holder concentration: reading token distribution correctly
How to investigate top-holder concentration while accounting for pools, exchanges, vesting contracts, bridges and treasury wallets.
The top-ten number is a starting point
A raw top-holder percentage can include a burn address, DEX pool, bridge, exchange or vesting contract. Label known infrastructure before inferring insider control.
Cluster related wallets
Several addresses may be controlled by one party. Funding paths, synchronized transactions and repeated counterparties can reveal economic concentration that a simple address table misses.
Distinguish locked from controllable
A vesting contract is valuable evidence only when its beneficiary, schedule, upgradeability and emergency controls are understood. Marketing labels do not replace code and transactions.
Track distribution over time
A project can improve or deteriorate after launch. Monitor large transfers, exchange deposits, unlocks and changes in the share held by labeled insiders.