The KUSANAGI token holding distribution data reveals the true landscape of market participants. According to on-chain analysis, insiders hold 7.8% of the supply, snipers account for 5.9%. A single cluster holds 7%, and the concentration of exchange-related wallets is even more noteworthy — exchange map clusters account for as much as 52.3%, reflecting a highly concentrated liquidity situation.

In terms of specific exchange fund distribution, a leading exchange's funded wallets hold 20.8%, a compliant platform accounts for 19.8%, another exchange holds 4.1%, and Change Now accounts for 1.4%. This level of dispersion exposes key market risks: the liquidity concentration at exchanges is significant, which could impact price stability and retail participation. From an on-chain data perspective, such a holding structure poses challenges to the project's decentralization and long-term healthy development.