For illustrative purposes, we have analyzed a #memecoin project, which we refer to as 'Project Z' to maintain anonymity. In the case of Project Z, several indicators suggest a high concentration of token ownership, along with on-chain activities that could potentially prove detrimental to token holders.
At first glance, it may appear that Token Z is widely distributed, with nearly 200,000 addresses holding the token. However, a closer examination of on-chain transactions reveals that many of these addresses are interconnected, likely indicating ownership by a single entity. This distribution strategy appears intended to artificially inflate the number of token holders.
