After the launch of Binance Alpha, the coin price experienced a big pump. How many RATS are there for USELESS?

USELESS Alpha went live on Binance this morning, the coin price big pump 50%, is its chip structure healthy?

Written by: Alex Liu, Foresight News

On the morning of July 28, Binance Alpha announced the launch of USELESS, whose BSC chain token briefly surged above 0.6 USDT, rising over 50%. Behind the frenzy, what are the risks? Is USELESS a high-controlled token, and is the chip structure healthy?

Onchainmetrics recently published a lengthy article analyzing on-chain data regarding USELESS, in response to doubts about the "Bonk Cabal controlling all chips." They presented the true distribution structure and internal wallet behaviors of the project through on-chain tracking.

What is "rat trading"? — Early Buyer Profile

The "Insider" (mouse warehouse) analyzed by Onchainmetrics refers to addresses that completed purchases within the first two hours after USELESS went live, during a project market value of $150,000 to $300,000. This standard not only includes project insiders but may also encompass some "lucky early bird" users.

According to this analysis, 18 Insider wallets and more than 300 "Insider Descendants" (associated sub-wallets) have been identified, forming the core sample of this tracking.

Distribution: Insider and Retail Investor Proportion

According to statistics, currently 18 Insiders and their sub-wallets hold a total of 16.12% of the total supply of USELESS, while later buyers (approximately 25,000 addresses) hold the remaining 83.88%.

This also means that, although there were indeed "mouse warehouses" with large positions in the early stages, there is no phenomenon of "Bonk Cabal controlling all chips," and the claim of "absolute monopoly on supply" is not valid.

Mouse Warehouse Structure: Large Clients Are More Individuals

After further network structure analysis of these Insider wallets, removing all bot and smart contract addresses, multiple "mouse warehouse clusters" (Cluster) with financial connections to each other were identified.

It is worth noting that most heavyweight Insider wallets do not belong to a specific cluster, but are held by individuals. The largest single Insider wallet currently holds 2.82% of the supply, while the largest cluster's holding accounts for 1.85%. This indicates that the current chips are mainly concentrated in the hands of a few individuals rather than organized groups.

The vast majority of mouse warehouses choose to "hold on" or continue buying.

Onchainmetrics has built a comprehensive evaluation formula based on position size, historical coin holding, selling behavior, etc., to select the 8 most representative Insider wallets and conduct a visual analysis of their trading behaviors.

The results show that almost all of these 8 wallets are in a "hold or increase position" state, with only 1 wallet showing significant selling behavior. Considering that the asset scale of these wallets generally reaches seven figures or higher, the collective choice to "hold" is particularly conspicuous and indirectly reflects their optimism about the future market.

Insider cluster behavior: Individual clusters are still offloading

Unlike individual behavior, the Insider cluster is overall in the "gradual distribution" phase. Currently, liquidity mainly comes from two clusters: Cluster 1 has 1.9% of the remaining tokens, and Cluster 12 has 0.53% remaining. Other clusters have either completed distribution or are still in silent holding.

Conclusion: Is it the "healthiest chip"?

The token distribution structure of USELESS, while not perfectly "decentralized", is generally more distributed than many projects. Measured against conventional projects, this trend of maintaining low selling pressure even after a 1000-fold rise is unusual.

Currently, most of the selling pressure mainly comes from a few clusters holding about 2.5%, while core large holders choose to continue to "hold" or even increase their positions. Onchain analysis institution Onchainmetrics summarized: "They want a higher price."