Since Binance announced its listing on December 12th, 2023, the anonymous meme token SATS—which is 1,000 times more valuable than its underlying SATS token—has experienced a stratospheric spike in value.
With new trading pairs launched versus USDT, FDUSD, and TRY, the price has more than doubled.

On-chain data, however, shows a picture of perhaps concentrated ownership upon closer inspection.
With a market value of $150.8 million, the top 20 holders have an astounding 333.3 trillion SATS, or 15.90% of the whole supply.

The fact that six of the top 20 holders obtained their SATS by minting—amassing around 78.57 trillion SATS ($35.5 million)—is even more troubling.

This calls into question the way wealth is distributed within the SATS ecosystem as well as the possibility of manipulation by a select few.

SATS's current gain has certainly been aided by its inclusion on Binance, but investors should proceed with care given the project's lack of transparency and possible centralization. Volatility is normal for any meme coin, thus before investing, more study is essential.
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