A token launch can look healthy on day one and still lose almost all its momentum shortly after. That’s what stood out to me in @zerufinance’s latest research, which analyzed 3,374 token launches to study what happens after launch. The bigger issue isn’t creating a token anymore. It’s figuring out which launches attract genuine participation and which ones fade once the initial excitement disappears. This is where wallet behavior becomes useful. Looking beyond volume and holder counts can help projects understand who actually contributes to an ecosystem. Better distribution starts with better signals, not just more wallets.