There's a project called ETHWHALE that has recently been brought up for discussion—the main reason being its token distribution pattern is quite interesting. According to on-chain data, when this project was first launched, about 66% of the tokens were concentrated in 49 wallets. This level of concentration is not low, enough to make one ponder the implications behind it.

In simple terms, such a distribution structure directly leads to a problem: the whale effect. When a few large holders control the majority of the tokens, their buy or sell actions can cause significant market fluctuations. This is not alarmist—historical data shows that highly concentrated holdings tend to amplify price volatility, especially during periods of low liquidity.

If you want to see whether this project can truly break through initial price resistance and achieve growth expectations, the key is to keep an eye on these large holdings. When do they start to move? Has market participation increased? How well can retail investors absorb the supply? These are all important signals to judge whether the project can stabilize. Continuous observation is especially necessary for projects running on the Ethereum network.