Bubblemaps Observation Notes: Analyzing Project Ecosystem Health from On-Chain Data

Today, I studied a project that claims to be "community-driven," and the data on Bubblemaps revealed some interesting phenomena. The token distribution of this project appears quite dispersed, with the top ten holdings only accounting for 25%, but a deeper analysis revealed some issues.

First, let's look at the number of holding addresses. Although it shows there are 12,000 addresses, more than 8,000 of them have a balance of less than 1 USD; these are likely zombie addresses from airdrops or wash trading. The truly active addresses are fewer than 1,000, and most of them are on exchanges.

Next, examining trading activity, only over 300 addresses have had transaction records in the past week, and they are mainly transferring between three exchange wallets. This indicates that the actual circulation volume is much lower than advertised, with most tokens lying dormant.

What caught my attention the most was the activity of the team address. Although the white paper promised a one-year lockup, through Bubblemaps' address association feature, it was discovered that the team has already transferred about 5% of the tokens to exchanges through multiple intermediary addresses. The amounts of these transfers are small and spread out over time, clearly in an attempt to avoid drawing attention.

A healthy project ecosystem should have sufficient circulation, active trading, and a trustworthy team. If these three basic conditions are not met, even the best white paper is merely a castle in the air. I recommend that everyone spends at least ten minutes reviewing this fundamental data before investing, as it may help avoid many unnecessary losses #Bubblemaps $BMT @Bubblemaps.io