On-chain signals7 min read
Reading Holder Concentration: Top-10 Share, Clusters and Dust Wallets
'5,000 holders' sounds healthy. It means very little if 4,000 of them hold a fraction of a cent and ten wallets hold half the supply.
Four numbers that matter more than holder count
- Top-10 share: percentage of supply held by the ten largest non-pool wallets.
- Nakamoto coefficient: how many wallets it takes to control over half the supply.
- Dust holders: wallets with negligible balances that pad the count.
- Dev balance: share still held by the deployer.
A distribution rule
Studio rule · Wide distribution4 clauses
top10 < 25Top 10 hold under 25%nakamoto > 15More than 15 wallets needed for majoritydust_pct < 2Dust wallets hold under 2% of supplydev_pct < 5Deployer holds under 5%
Use these fields in your own rule.Open Studio
Clusters change the picture
Several wallets funded from the same source behave as one holder. DeltaWall groups linked wallets so that concentration reflects real control, not just address count.
Read the distribution engine details.Methodology
Frequently asked
Why exclude pool wallets from top-10?
Liquidity pool accounts hold supply on behalf of traders, so counting them overstates concentration.
Educational content, not financial advice. See policies.