If you have been following the crypto market recently, you may have noticed the remarkable performance of $DARK: against the backdrop of the new SEC chairman in the U.S. sending crypto-friendly signals, the market has rebounded, and as an AI Meme project within the Solana ecosystem, $DARK has become a leader in this wave of growth.

The market capitalization of this token has climbed from an initial $2 million to recently surpassing $47 million, setting a new historical high.

The popularity of $DARK is not coincidental. As an AI project based on the TEE protocol providing Multi-Party Computation (MCP) capabilities, its founder @edgarpavlovsky created his own "homage version" out of love for the full-chain game Dark Forest. The project quickly gained market recognition due to its efficient product delivery capabilities, becoming a star token in the Solana community.

However, behind these glamorous narratives, on-chain data reveals a different picture: the distribution of $DARK tokens shows obvious characteristics of control. This leads us to ask: is this a community-driven success, or a carefully designed scheme controlled by a few?

On-Chain Analysis: Who Controls $DARK?

We conducted a comprehensive analysis of the Top 500 holders of $DARK (excluding exchange addresses), and the results show:

22.22% of the token supply is concentrated in 3 clusters;

There are tight connections between these addresses, including fund transfers and shared funding sources, forming a hidden control network.

Here are the specific analysis results:

Green Cluster: The True Controllers of the Market

Number of Addresses: 136

Control Ratio: 19.74%

On-Chain Characteristics:

• Frequent fund transfers between addresses;
• Some addresses share the same funding sources and destinations;
• 27 addresses collectively hold $BC, and another 20 addresses collectively hold $RFC.

The green cluster is the core controlling force of $DARK, and its behavior pattern shows a high degree of organization.

Yellow Cluster: The Secretive Small-Scale Controllers

Number of Addresses: 3

Control Ratio: 1.25%

On-Chain Characteristics:

• Fund transfer activities exist between addresses;
• Funding destinations are highly consistent, but no common token holding characteristics were found.

Although the yellow cluster is small, it shows a high degree of synergy and may play a supportive role in market activities.

Blue Cluster: The Low-Key "Shadow Players"

Number of Addresses: 3

Control Ratio: 1.23%

On-Chain Characteristics:

• Fund transfers exist between addresses;
• No other token holding characteristics were found.

The on-chain behavior of the blue cluster is relatively secretive, possibly to disperse risk or hide fund flows.

A Dispersed Story, A Centralized Truth

The narrative of $DARK is decentralized and community-driven, but on-chain data exposes a high degree of centralization in token distribution: just 3 clusters control over 22% of the token supply. The risks behind this cannot be ignored:

Pricing Power Concentrated in the Hands of a Few

Pump: The controlling clusters can create the illusion of price increases through collective buying, attracting retail FOMO;

Dump: At price peaks, the clusters can sell off collectively, leading to market crashes.

Liquidity Control

Controlling clusters can manipulate market depth by restricting token liquidity, creating the illusion of price volatility.

Illusion of Decentralization

Although the narrative of $DARK is "community-driven," actual control is concentrated in a few addresses, leaving ordinary investors lacking in price influence.

Conclusion: Is DARK a Miracle or a Script?

From product to narrative, $DARK seems to be a successful experiment within the Solana ecosystem. However, on-chain data reveals hidden truths:

• Nearly 20% of the token supply is concentrated in the green cluster, with highly consistent behavior patterns;
• 22.22% of the tokens are controlled by 3 clusters, showing significant control characteristics;

The so-called decentralized narrative may just be a carefully packaged story.

When investing in projects like $DARK, investors need to ask themselves one question: Are you paying for the success of the community, or are you enriching the wealth of a few?

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