DARK: From AI Meme Hit to the Puzzle of Market Control | M7 Research

The AI memecoin under high control is the hot favorite.

Written by: M7 Research

If you have been following the crypto market recently, you may have noticed the impressive performance of $DARK: against the backdrop of the new chairman of the SEC releasing crypto-friendly signals, the market has rebounded overall, and as an AI Meme project within the Solana ecosystem, $DARK has become the frontrunner in this wave of rising prices.

The market value of this token has risen from an initial 2 million USD to over 47 million USD recently, setting a new historical high.

The popularity of $DARK is not accidental. As an AI project that provides Multi-Party Computation (MCP) capabilities based on the TEE protocol, its founder @edgarpavlovsky created his own "homage version" out of a passion for the blockchain game Dark Forest. The project quickly gained market recognition due to its efficient product delivery capabilities, and in no time became a star token in the Solana community.

However, behind these glamorous narratives, the on-chain data reveals another picture: the chip distribution of $DARK shows obvious characteristics of control. So we can't help but ask: is this a community-driven success, or a carefully designed scheme controlled by a few?

On-Chain Analysis: Who is in Control of $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 close connections between these addresses in terms of fund transfers and shared funding sources, forming a hidden fund control network.

The following are the specific analysis results:

Green Clusters: 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 source and destination of funds;
• 27 addresses collectively hold $BC, and another 20 addresses collectively hold $RFC.

The green cluster is the core governance force of $DARK, and its behavior patterns show a high degree of organization.

Yellow Cluster: Secret Small-scale Controllers

Number of addresses: 3

Control ratio: 1.25%

On-chain characteristics:

• There is a transfer of funds between addresses;
• The fund flows are highly consistent, but no common token holding characteristics were found.

The scale of the yellow cluster is small, but it shows a high degree of synergy and may play an auxiliary role in market activities.

Blue Cluster: The Low-Key 'Shadow Players'

Number of addresses: 3

Control Ratio: 1.23%

On-chain characteristics:

• There is fund transfer between addresses;
• No other token holding characteristics found.

The on-chain behavior of the blue cluster is relatively secretive, possibly to disperse risk or conceal the flow of funds.

The story of decentralization, the truth of centralization

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

Pricing power is concentrated in the hands of a few

Pump: A controlled group can create the illusion of rising prices by collectively buying in, attracting retail investors' FOMO.

Market Crash: A cluster sell-off occurs at high price points, leading to a sharp market decline.

Liquidity Control

The control of the token supply can manipulate market depth further by restricting token liquidity, creating the illusion of price volatility.

The Illusion of Decentralization

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

Conclusion: Is DARK a miracle or a script?

From product to narrative, $DARK seems to be a successful experiment in the Solana ecosystem. But on-chain data reveals the hidden truth:

Nearly 20% of the token supply is concentrated in the green cluster, and its behavior pattern is highly consistent;

22.22% of the tokens are controlled by 3 clusters, with 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 adding to the wealth of a select few?