Methodology

Top TOKE holders are identified as users who have had the highest TOKE balance during the Jan 2022. Since there could be too many parameters involved in identifying how the balance was changed in that month, how long the amount was held and etc., the addresses are identified as those who had the maximum TOKE amount at any point in time in January.

For the sake of brevity of the analysis, only 10 addresses are obtained. This could be easily change by changing the limit number from 10 to any amount.

After finding the addresses, their current balance in TOKE amount and USD amount is acquired. To see if they have held their position since January, differences (Delta) of TOKE balance and corresponding USD amount are also calculated.

USD delta amounts are obtained in two ways:

1. From table data

2. By finding the maximum price in January and current price and multiplying them accordingly. The balance that is multiplied by is that of the amount in January, to see if they are in the "green" or "red"

Observations

• From tables we can see that 7 out of 10 top holders have kept their position since January.

• 2 out of 3 who have changed positions, have increased their TOKE balance and only one account has sold.

• We can conclude that the top holders are probably long term investors, since they have not changed their position and they have potentially lost value on their asset since January.

• All of the top holders that we have USD price available for, have negative USD deltas, i.e. they were better of selling their assets for USD rather than keeping it.

• At first glance two addresses draw attention by looking at their Balance Delta( 0x8b4334d4812c530574bd4f2763fcd22de94a969b & 0x96f98ed74639689c3a11daf38ef86e59f43417d3). The balance amounts of these two addresses are almost complementary, which could be either a coincidence or that they belong to the same user that is joggling TOKE between them.