These two meme projects are quite worth discussing—one is the first Chinese-themed meme coin, which exploded in October, increasing by tens of thousands of times; the other is the first batch of test tokens for the launch platform. Both are highly representative. Let’s analyze them from the on-chain data perspective and see who will ultimately come out on top.

First, let’s look at the most core indicator—number of holder addresses. Currently, Binance Life has 41,000 addresses, and the other project TST has 44,000, which are roughly similar. However, recent trends are interesting: TST’s holders are increasing, while Binance Life has seen some decline. But here’s the problem—the market cap gap is huge. Binance Life’s market cap is currently $110 million, while TST is only $18 million, a sixfold difference.

Let’s dig a little deeper.

**The Story of Token Distribution**

From the bubble chart, Binance Life’s on-chain address distribution is more dispersed, involving more wallets. In contrast, TST, although having a similar number of holders, shows a more open distribution of tokens. What does this indicate? The project’s risk resistance really depends on these details.

**Whale Holdings Comparison**

Looking further, Binance Life has 89 addresses holding more than 0.1%, each worth about $110,000 now. On the TST side, only 37 addresses hold more than 0.1%—roughly half of Binance Life’s. This gap clearly shows the difference in concentration between the two projects. The higher the token concentration, the greater the risk. This is a well-known principle, but the data speaks for itself.