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Interestingly, the $XingXing project is reportedly free from issues of insiders and snipers. But looking at the holding data reveals a more complex situation.
The concentrated wallets on BubbleMap account for only 2.7%, which sounds quite dispersed. But what’s truly worth noting is the situation on the CEX side—the exchange-related wallets make up 48.1%, which is not a low proportion.
Breaking it down: Binance ecosystem wallets account for 20.3%, while Coinbase is relatively moderate at only 10.1%. Mexc is a bit more surprising, with a 12.9% share combined with obvious signs of large inflows, which definitely raises questions. The overall landscape still appears somewhat unbalanced, especially regarding the concentration at the exchange level.