🔬 On-chain

Before building narrative trust, I first check whether wallet activity is actually increasing, whether the transaction flow is strong, and whether the holder distribution is balanced.

1. Active addresses — how many wallets are truly active

2. Transactions / volume — is the activity real or just noise

3. Holder distribution — is the supply being spread across healthy hands, or is it accumulating in just a few wallets

Only when all 3 are confirmed do I understand that there’s real conviction in the market.

When you check wallet activity, which metric do you look at first?

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