The operational logic of $LIGHT warrants caution. On-chain data shows that the core address has already locked 78.53% of the circulating tokens, indicating an extremely high concentration that means market pricing power is entirely in the hands of a few holders. More notably, this address has added another 310 million tokens in the past three days, further consolidating its control over the market.

Under such a chip distribution, the free space for retail investors to participate in fair trading is actually very limited.

From the price trend, $LIGHT has plummeted from 2.500 to 0.5680 in the short term, with a maximum single-day drop of over 45.15%, resembling a near 50% cut. The key point is that, despite this extreme decline, the core address did not reduce its holdings but instead increased them—locking in chips to control supply while allowing the price to crash. The result of this operation is: retail investors chasing the high get trapped at the top, while those trying to bottom fish are swallowed by the continuous downward trend. Both long and short positions are being squeezed—market participants, regardless of their strategies, seem to be unable to avoid losses.

From this case, highly concentrated chip distribution combined with abnormal price behavior often indicates a high risk of market manipulation. It is indeed very necessary to thoroughly understand the on-chain chip distribution before choosing a token.