Whale Activity Monitor

WHAT IT READS. The current share of supply held by the top-10 and top-100 addresses, for tokens with an on-chain contract (ERC-20 and SPL).

WHY CONCENTRATION IS WORTH MEASURING AT ALL. Concentrated holdings can create market-impact and supply-overhang risk: if a few addresses hold a large share, a decision by one of them is more likely to be large relative to available liquidity. That needs care, though - concentration alone establishes neither that any particular holder CAN move the price nor what the free float is. Market impact depends on the size of a sale against the depth of the book, and free float depends on whether holdings are locked, restricted, strategic or simply inactive. The parallel worth teaching is free-float adjustment in equity index construction, which exists precisely because shares outstanding and shares available to trade are different quantities.

WHY 'WHALE' IS A CLAIM THE DATA DOES NOT SUPPORT. A top address is not necessarily a large investor. The largest addresses often include exchange hot and cold wallets, custodians, staking and bridge contracts, treasury multisigs, and burn addresses. Several of those represent many small holders pooled together - the opposite of concentration - and a burn address represents supply nobody can move at all. Meanwhile a genuine large holder can split across many addresses and never appear. So the number can be wrong in either direction, and without entity labelling you cannot tell which error dominates for a given token.

HOW TO USE IT HONESTLY. As a snapshot compared against the SAME token over time, where the composition of the top addresses is more stable, and read alongside the holder-distribution analysis rather than alone. Where the daily history allows, each row also carries the change in each share over about seven days, so a level can be read beside its recent change; a row without one says the change was not measured, which is not a change of zero.