An interesting observation about the holding structure of $PEPE tokens. Based on on-chain data analysis, this token does not have typical sniper or insider advantages. The main large holders are Pain and wokeupandifarted, while the developers have minted a total of 19,189 tokens.

In terms of distribution, the holdings are segmented into different clusters, each with varying proportions. Three major clusters account for 4.2%, 3.6%, and 4.3% respectively, indicating a relatively dispersed distribution. However, what truly warrants attention is the liquidity portion on exchanges— a liquidity cluster related to a major exchange accounts for 60.8%, reflecting that the market depth and liquidity are primarily concentrated on centralized exchanges.

This distribution characteristic suggests that the token's market performance is more driven by exchange liquidity and overall market sentiment, with large holders' positions being relatively balanced and without obvious concentration risks.