Recently, I’ve been looking at this token launched by a major exchange. The on-chain changes over the past couple of days since the spot trading went live are quite interesting. The top ten holder addresses have shown clear rotation, with several of the large addresses that previously ranked high basically choosing to cash out and leave — the veteran address with a cost basis at 06a has exited, those who were previously at a loss also quickly moved on, and even the old sixth address with a cost basis around 0.25 is still hesitating. Now, the top four addresses have completely changed their positions, and old seventh and old tenth addresses have also moved.

Honestly, this kind of frequent change among the top ten addresses looks quite healthy. On-chain data shows that in just two days, over 5,000 new addresses holding the token have appeared, indicating that market participation is genuinely increasing, and retail investors are actively taking turns. The addresses are becoming more dispersed, and the concentration is decreasing, which is actually a positive signal for the market’s long-term stability.