How to analyze a token

Step-by-step guide

Analyzing a token with Atlas is about understanding how wallets are connected, how funds move, and what patterns are forming.

You don’t need to look at every transaction, focus on the big picture.

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Step 1: Look at the biggest wallets

Start by identifying the largest bubbles on the map.

• Bigger bubbles hold more of the token

• A few large wallets can mean high concentration

Ask yourself: Who controls most of the supply?

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Step 2: Check if wallets are connected

Look at the lines between the largest wallets.

• Connected wallets have moved funds between each other

• Strong connections can indicate related wallets

Ask yourself: Are these wallets independent, or linked together?

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Step 3: Identify clusters

Look for groups of wallets that are closely connected.

• Clusters = wallets that interact frequently

• Large clusters can indicate groups working together

Ask yourself: Is the supply spread out, or concentrated in clusters?

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Step 4: Look at behavioral patterns

Use behavioral tags to understand how wallets act.

Look for:

• Newly created wallets

• Wallets funded around the same time

• Repeated patterns across multiple wallets

Ask yourself: Do these wallets behave in a similar way?

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Step 5: Use proxy nodes to find hidden links

Enable proxy nodes to uncover indirect connections.

• Reveals shared funding or intermediary wallets

• Helps identify relationships that aren’t obvious

Ask yourself: Are these wallets connected behind the scenes?

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Step 6: Go back in time

Use historical mode to understand how things evolved.

• See how wallets accumulated tokens

• Identify early activity

• Track how clusters formed

Ask yourself: What happened before this point?

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What to watch out for

These patterns can be important signals:

• Many wallets connected together

• Wallets funded at the same time

• Large clusters controlling supply

• Sudden changes in distribution

These don’t always mean something is wrong, but they’re worth investigating.

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Quick checklist

Before making a decision, ask:

• Who holds most of the tokens?

• Are those wallets connected?

• Are there clusters or coordinated patterns?

• Does the history tell a different story?

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Next steps

Learn more about Proxy Nodes to uncover hidden relationships Use Behavioral Tags to understand wallet behavior Explore Historical Mode for deeper analysis