I've been watching this token that recently listed on a major exchange, and the on-chain changes since spot trading went live these past two days are quite interesting. The top 10 holder addresses have shown obvious rotations, with several previously high-ranking whales basically choosing to cash out and exit——that old address with a cost basis at 0.06 left, those that were at losses also disappeared abruptly, and even the sixth-ranked holder with a cost around 0.25 is still hesitating. Now the landscape of the top four addresses has completely changed, with the seventh and tenth holders also making moves.

To be honest, this frequent turnover in top 10 addresses looks pretty healthy. On-chain data shows that in just two days, over 5,000 new addresses holding the token have been added, indicating that market participation is genuinely increasing and retail follow-through is solid. As addresses become increasingly dispersed and concentration declines, this is actually a positive signal for long-term market stability.