Recently, I saw some data organized by Bubblemaps, which is quite interesting. They tracked 38 previously popular token projects with highly concentrated wallet addresses and conducted statistics based on the IP locations of the teams' Twitter accounts. The results showed that more than half of the teams were marked as located in the United States, while the rest were mainly distributed in Europe and India.

What's even more heartbreaking is the price performance. Among this batch of coins, the one that dropped the least has shrunk by 78%, and most have evaporated by 99% directly. Coins like MELANIA and that fake CR7 coin have basically gone to zero.

This data actually illustrates the issue quite well - regional labels have little to do with actual reliability; the concentration of chips is the real bomb. Those teams with seemingly glamorous backgrounds during promotions end up cutting cleanly in the end.