Lesson 06 · Unit 5 · Solana
Who holds it
Top 5 holders, share of supply
21%
1
9%
2
7%
3
4%
4
3%
5
Concentration is not about fairness. It is about what one person can do to the pool on an ordinary afternoon. A wallet holding 21% of the supply, sitting above liquidity worth a fraction of that, is not an investor — it is a standing order to crash the price whenever its owner feels like it.
Compare the two numbers that matter: the top wallet's holding, and the depth of the pool. If that wallet's stake is worth several times what the pool could absorb, everyone else is trading inside a position that only one person can close cleanly. The rest of the chart is decoration until that changes.
Read the exceptions
Pools, burn addresses and exchange wallets sit in these lists too. A top holder that is the liquidity pool is not a risk — it is the market.
One more shape worth knowing: supply split evenly across dozens of fresh wallets funded from the same source. It reads as beautiful distribution and it is a single holder wearing costumes. Distribution counts wallets; ownership counts people, and only the funding history tells them apart.
Where this goes next
Concentration can be manufactured at launch — and it is the same fact that decides who really sets the price.