A recent phenomenon that has attracted attention in the trading community is the明显分化表现 of some early popular AI concept coins. For example, AI meme coins launched around the same time like $goat, $act, and $aixbt have now seen their market caps drop to only a few tens of millions, with ecosystem vitality severely diminished.

In contrast, projects like $pippin still maintain a high level of popularity, and the reasons behind this are worth a deeper look. According to on-chain data analysis, these highly active coins exhibit明显特征 in their holding structures: over 80% of the circulating supply is concentrated in just over 50 interconnected wallets, forming a high degree of control over the spot market.

What does this concentration of holdings imply? It indicates that the market participation of retail investors has been firmly grasped by a few large holders. Price fluctuations, liquidity provision, and even trading sentiment can be precisely controlled under the influence of these major players. For leveraged traders, the risks associated with such heavily controlled coins are obvious—without sufficient market depth as a safety cushion, any position taken in either direction could face the risk of rapid liquidation.