LunarCrush

$EIGEN reports 221,167 holders, which is the kind of number that goes on a slide. 7,353 of those wallets hold more than a hundred dollars of it. The median one is sitting on four tokens worth 73 cents. 635,160 addresses received the token at some point in 37 months. A third of them still hold any of it at all. 28,550 still hold most of a full-size allocation, which works out to 4.5% of everyone who ever got some. Some of that is just the price. $EIGEN trades at 18 cents and a dollar cut moves with it, so a wallet that reads as dust today was holding something real when the token was worth more. That cuts both ways and it’s worth saying out loud before the rest. What doesn’t move with the price is what people actually did. 65,043 of the current holders sold out and left a tail behind, and a tail is a balance, so the count keeps them. Another 42% were handed less than a typical recipient got and have never touched it since. About 6% of the wallets can’t transact at all, from a 250-wallet sample, which means nearly everyone here could have sold and most of them had nothing worth the gas. None of this is unusual and nothing was done to anyone. A large airdrop lands on a lot of addresses, most of those addresses were never going to become users, and the holder count keeps every one of them forever. The useful version is that “221,167 holders” and “221,167 people who want this token” are two different sentences, and only one of them has been measured. Data: @LunarCrush