Uniswap governance token UNI shows concentrated holder distribution that's worth monitoring. Recent on-chain data reveals that early backers have consolidated a significant portion—roughly one-third of the token supply—across just 22 wallets on Ethereum mainnet. This level of concentration raises questions about token liquidity dynamics and potential selling pressure down the road. When this many UNI tokens sit in a handful of addresses, even modest distribution could swing market sentiment. The community might want to keep tabs on these wallet activities, especially around major governance votes or market inflection points. Understanding holder behavior here gives traders and protocol enthusiasts a clearer lens on where UNI stands relative to its broader network health.