Recently, some emerging token projects have exhibited several noteworthy phenomena. On the surface, the bubble chart appears normal, but a deeper data analysis reveals issues. The top 100 wallets control over 99.77% of the token supply—this level of concentration is similar to some previously exposed projects, signaling clear risk.

Even more interesting are the trading behaviors. Some unknown wallet accounts exhibit trading patterns that look like automated bot operations—frequent buying and selling, with significant volumes. This tactic is familiar: by creating fake trading volume, they generate the illusion of a hot project. Once retail investors are attracted to buy in, the funders are ready to pump and dump.

This type of project scheme is essentially a disguised pump and dump. Tokens are concentrated in a few wallets, and fake trading volume is used to deceive market participants. When the risk finally materializes, it results in a complete loss. Before participating in such projects, it’s important to scrutinize on-chain data more carefully—don’t just look at price increases and hype.