Wojak currently sits roughly 50% below its recent local peak, and the market dynamics are shifting in interesting ways. Interestingly, the total holder count keeps climbing—but here's the key detail: those with significant position sizes have been actively trimming their stakes, likely rotating into smaller, quicker-moving altcoins with sub-10M daily volumes.

What makes this noteworthy is that large holders are now sparse across the cap table. This concentration drop typically signals a critical inflection point. When the whale count thins out this dramatically, the next rally tends to be powered by fresh accumulation and smaller players building positions, which can translate into more explosive percentage moves.

The setup is forming. Watch how distribution plays out over the next swing.