Based on the circulation of $SOUP tokens, the team holds 12.3% of the supply. According to developer information, the project does not show obvious sniper or insider pre-positioning, and Gake is one of the largest holders.

From an on-chain data analysis perspective, no significant large-scale holdings clustering was observed on the bubble chart. However, exchange-related wallets do form a certain scale of concentration, accounting for as much as 61.6%. Among them, a leading exchange-derived wallet accounts for 30.3%, a compliant platform accounts for 16%, and another exchange accounts for 7.7%. This distribution pattern indicates that liquidity is mainly concentrated in centralized exchanges, and market participants should pay attention to these institutional-level position changes.