There is a position situation in a project that is worth paying attention to. Based on on-chain data analysis, no obvious signs of snipers or insiders holding positions have been found for now, which is quite good. However, looking at the exchange-level data reveals some interesting points—CEX wallets hold 41.3% of the positions, which is indeed a significant proportion.

Specifically, the distribution among major exchanges is as follows: a leading exchange's wallet accounts for 8.9%, another compliant platform accounts for 7.9%, and MEXC accounts for 5.2%. But there is a clear red flag here—a certain exchange's holding ratio has reached 18.9%. A single exchange's high proportion indicates a high risk concentration, and the risk of sell pressure should be alert. Although no large holders forming obvious clusters have been identified, the concentration distribution on the exchange side still requires close attention.