After the launch of Binance Alpha, the coin price experienced a big pump. How many RATS are there in USELESS?

Author: Alex Liu, Foresight News

Reprinted: White55, Mars Finance

On the morning of July 28, Binance Alpha announced the launch of USELESS, whose token on the BSC chain briefly surged above 0.6 USDT, rising over 50%. Behind the celebration, what are the risks? Is USELESS a highly controlled token, and is its chip structure healthy?

Onchainmetrics, a blockchain analysis account, recently published a lengthy article analyzing on-chain data related to USELESS, in response to doubts about the "Bonk Cabal (conspiracy group) controlling all the chips." It presented the true distribution structure and internal wallet behavior of the project through on-chain tracking.

What is "Rats' Warehouse"? - Profile of Early Buyers

The "Insider" (mouse warehouse) referred to by Onchainmetrics denotes addresses that completed purchases within the first two hours of USELESS going live, during which the project's market capitalization was between $150,000 and $300,000. This definition may include not only project insiders but also some "lucky early bird" users.

Based on this analysis, a total of 18 Insider wallets and more than 300 "Insider Descendants" (associated sub-wallets) have been identified, forming the core sample for this tracking.

Distribution: Insider and Retail Investor Proportion

According to statistics, currently 18 Insiders and their sub-wallets hold a total of 16.12% of the total supply of USELESS, while later buyers (approximately 25,000 addresses) hold the remaining 83.88%.

This also means that, although there were indeed "rat trading" with large holdings in the early stages, there is no phenomenon of "Bonk Cabal controlling all chips," and the claim of "absolute monopoly on supply" is not valid.

Mouse warehouse structure: large households are more individuals

After further network structure analysis of these Insider wallets, removing all bot and smart contract addresses, multiple "mouse warehouse clusters" (Cluster) with financial connections to each other were identified.

It is worth noting that most heavyweight Insider wallets do not belong to a cluster, but are held by individuals. Currently, the largest single Insider wallet holds 2.82% of the supply, while the largest cluster's holdings account for 1.85%. This indicates that the current chips are mainly concentrated among a few individuals rather than organized groups.

The vast majority of rat trading chooses to "hold" or continue buying.

Onchainmetrics has developed a comprehensive evaluation formula based on holding volume, historical coin ownership, selling behavior, etc., to select the 8 most representative Insider wallets and conduct visual analysis of their trading behavior.

The results show that almost all of these 8 wallets are in a "hold or increase position" state, with only 1 wallet showing obvious selling behavior. Considering that the asset scale of these wallets generally reaches seven figures or even higher, the collective choice to "hold" is particularly striking, and it also reflects their optimism about the future market.

Insider cluster behavior: Individual clusters are still shipping out.

Unlike individual behaviors, the Insider cluster as a whole is in the "gradual distribution" phase. Currently, liquidity mainly comes from two clusters: Cluster 1 with 1.9% of tokens remaining and Cluster 12 with 0.53% remaining. Other clusters have either completed distribution or are still in silent holding.

Conclusion: Is it the "healthiest chip"?

The token distribution structure of USELESS, while not perfectly "decentralized", is overall more dispersed than many projects. Measured by conventional projects, this trend of maintaining low selling pressure even after a 1000-fold increase is unusual.

Currently, most of the selling pressure comes from a few clusters holding about 2.5%, while core large holders choose to "hold on" or even increase their positions. Onchain analysis firm Onchainmetrics summarized: "They want higher prices."