There are some interesting data points regarding the on-chain distribution of the $Swap project. According to team analysis, insider holdings account for only 1% of the total supply, and no obvious sniper activity has been detected — which is relatively rare for new projects.

From the bubble chart, on-chain transfers are not very active, with the main concentration at the CEX wallet level: exchange wallet clusters account for 47.9%, with Binance-related wallets contributing 19.5%, Coinbase at 9.8% (relatively low), and Mexc at 1%. Overall, there is no significant large-holder concentration in a single address; the distribution is relatively dispersed.

This structure from a certain perspective indicates that the project's liquidity distribution is relatively even, and whale pressure is not particularly high. Of course, whether the high concentration at CEXs will lead to selling pressure still requires ongoing observation of trading dynamics.