ZS

Holders are rising while supply is burned off: large positions are being redeemed off chain while smaller ones arrive. The base widens even as the float shrinks, which is distribution in the good sense of the word.

The last week cuts against that: holders slipped over 7 days after rising over the longer window, so the trend is being tested rather than confirmed.

Concentration is steady but high: the ten largest wallets hold most of the value, so any one of them can move the price on its own.

Activity is fading as well: a third fewer wallets a day are touching the token than a week ago, so whatever the holder count says, fewer people are acting on it.