You often see people mixing up concepts when interpreting token holding data. Let’s clarify this.

In data released by a certain exchange, the top ten addresses hold 99%—that sounds alarming, but you need to understand what this 99% refers to. It’s 99% of the 223 addresses being analyzed, not 99% of all market holders. These are two different things.

A simple check reveals the truth: adding up the percentages of those 223 addresses just happens to total exactly 100%. This indicates that the data is based on a sample within that specific group.

To put it more plainly—if my holdings are 80% PEPE, does that mean 80% of all PEPE in the market are in my hands? Obviously not. Holding share and market share are two different metrics.

So next time you see this kind of statistic, think carefully about what exactly is being measured and the scope of the data. Don’t be fooled by the surface numbers.