After listing on Binance Alpha, the token price surged—how much pre-mined supply does USELESS have?
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After listing on Binance Alpha, the token price surged—how much pre-mined supply does USELESS have?
USELESS launched on Binance Alpha this morning, with its token price surging 50%—is its token distribution healthy?
Navigating Web3 tides with focused insightsBy: Alex Liu, Foresight News
On the morning of July 28, Binance Alpha announced the listing of USELESS, causing its BSC chain token to briefly surge past 0.6 USDT, a rise of over 50%. Behind the euphoria, what are the risks? Is USELESS a heavily controlled token, and is its distribution structure healthy?
The on-chain analytics account Onchainmetrics recently published a detailed article analyzing USELESS through on-chain data, responding to allegations that the "Bonk Cabal" controls all tokens, while revealing the project's true distribution structure and internal wallet activities via on-chain tracking.
What is a "Pump-and-Dump"? — The Early Buyer Profile
According to Onchainmetrics, an "Insider" (pump-and-dump participant) refers to addresses that purchased tokens within the first two hours after USELESS launched, when the project’s market cap was between $150,000 and $300,000. This definition includes not only project insiders but possibly some lucky early adopters.
Based on this analysis, 18 Insider wallets and over 300 "Insider Descendants" (associated sub-wallets) were identified, forming the core sample for this investigation.
Distribution: Insiders vs. Retail Holders
Data shows that the 18 Insiders and their descendant wallets currently hold 16.12% of the total USELESS supply, while later buyers (approximately 25,000 addresses) hold the remaining 83.88%.
This indicates that although certain early participants did accumulate large positions, there is no evidence supporting claims that the "Bonk Cabal" controls all tokens. The idea of absolute supply dominance is unfounded.
Pump-and-Dump Structure: Major Holders Are Mostly Individuals
Further network structure analysis of these Insider wallets—after removing all bots and smart contract addresses—identified multiple "Insider Clusters" with financial linkages.
Notably, most major Insider wallets do not belong to any cluster but are instead held by individuals. The largest single Insider wallet holds 2.82% of the supply, while the largest cluster holds 1.85%, suggesting that current holdings are concentrated among a few individuals rather than organized groups.
Most Insiders Choose to "HODL" or Continue Buying
Onchainmetrics developed a comprehensive evaluation formula based on holding size, historical ownership, and selling behavior, identifying 8 representative Insider wallets for transaction behavior visualization.
The results show that nearly all 8 wallets remain in a state of "holding or accumulating," with only one showing significant selling activity. Given that these wallets typically manage seven-figure or larger asset values, their collective decision to hold is particularly notable, indicating strong confidence in future price performance.
Insider Cluster Behavior: A Few Clusters Still Distributing
In contrast to individual behavior, Insider clusters as a whole are in a phase of gradual distribution. Current liquidity primarily stems from two clusters: Cluster 1 (1.9% remaining) and Cluster 12 (0.53% remaining). Other clusters have either fully distributed or remain in silent holding mode.
Conclusion: Is It the "Healthiest Distribution"?
While USELESS's token distribution is not perfectly decentralized, it is significantly more dispersed than many other projects. For a typical project, maintaining low selling pressure after a 1000x price increase would be highly unusual.
Currently, most selling pressure comes from a few clusters holding about 2.5% collectively, while core large holders continue to "HODL" or even accumulate more. Onchainmetrics concluded: "They want a higher price."
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