Recently, an interesting on-chain phenomenon has attracted attention in the community — the number of active Addresses of a leading protocol surged by nearly 20,000 within 24 hours. This is no small number, enough for many astute investors to catch a whiff of opportunity.

To be honest, such sudden data fluctuations in the crypto market are often not coincidental. Historically, on the eve of every large-scale airdrop, we have seen similar scenes—users flocking to interact, transfer, provide liquidity, and even perform various operations just to secure a spot for the airdrop. Before the airdrop curtains of projects like Arbitrum and Starknet were drawn, on-chain data had already flashed similar warning signs.

So the question arises: what does this wave of 20,000 new additions actually mean?

A straightforward interpretation - this is the collective rush of retail investors and institutions after the news of a new round of airdrops. Everyone is betting on whether the next "surprise" will land on their heads. Experienced players with a keen sense of risk will not miss out; they will interact as needed and execute operations when required.

But there is another possibility that deserves caution. Among these 20,000 addresses, how many are real users, and how many are "shill" bulk fake accounts? In the crypto world, it's not uncommon for people to use technical means to control a large number of accounts to create a false sense of prosperity. Some call it an upgraded version of a "witch attack"—preparing a large number of small accounts in advance, and when the airdrop really comes, they all rush to divide the rewards.

The key is whether this is a market signal of real demand or a carefully crafted data illusion by someone.