$M One address holds 80%; a coin with a $950 million market cap traded just $11,000 in a day
I wrote about this coin once on October 28. That piece looked at the pool from two angles. Today, looking at it again, another figure is even more striking: the token supply.
The current price is about $0.82, up around 2% in 24 hours (according to the rankings), which looks fairly steady. The listed market cap is about $951 million, based on an effective total supply of 1.154 billion tokens. The market cap based on circulating supply across the network is about $1.9 billion, with around 2.3 billion tokens circulating. Same coin, two sets of books, and a twofold difference—keep that in mind.
There are about 8,287 holder addresses in total. The top address alone holds 925.9 million tokens, or 80.1%, worth about $762 million at the current price. The top ten hold about 96.6% combined, leaving 8,277 people to split just 3.4%—about 39 million tokens, worth roughly $32 million. Elsewhere, the rankings say the top ten hold 85%, which doesn’t match the 96.6% you get by adding up the detailed figures. I used the total from the detailed figures.
Now look at Alpha’s main M/USDT pool: 139 trades in a day, with about $11,000 in volume—76 buys totaling $6,390 and 63 sells totaling $4,850. Turnover is below 0.01%. The pool holds about $32,900 in funds, while the rankings show liquidity of about $350,000—less than 0.04% of the market cap. The 24-hour volume across the network is about $1.4–2.5 million, most of it outside the Alpha pool. Things are basically frozen here.
Two other things don’t add up: the same page gives two different tax rates—3.73% on buys and 3.99% on sells in one place, but 0/0 elsewhere. In a sell simulation, 42 out of 973 addresses failed, and the page also notes that some users may have been blacklisted. There is only one LP, and the locked-liquidity ratio is 0.
If you hold this coin, there’s just one thing to check right now: whether that top address has moved. If it moves, the whole market will have to move with it. When would I change my view? If the top-ten share falls, or trading in the Alpha pool suddenly picks up—then I’ll take another look.
M isn’t listed on Binance Spot yet. It was listed on Binance Alpha on July 3, and the main pool is the M/$USDT pair. Risk disclaimer: This is not investment advice. Alpha projects are high-risk and could go to zero.
If you hold this coin, would you sell if that top address moves?
#BinanceAlpha #M #MemeCore