A closer look at $FOGO 's on-chain data raises some concerns about whale concentration. In the weeks before the mainnet launch, the USDC bridge showed extreme centralization. The top three wallets controlled nearly 70% of all bridged funds, with the top ten holding 90%. This situation allowed a few players to influence market conditions from the start.
This kind of concentration opens the door for manipulation. These whales could coordinate sell-offs to create panic selling or generate false buy pressure to attract retail traders before selling off. It's a classic "pump and dump" scheme. When the token launched, the price dropped over 22% in the first 24 hours and nearly 49% within a week, despite significant exchange inflows. While some of that decline is normal profit-taking, it also matches the pattern of whales selling to a less concentrated retail base. Until FOGO's holder base expands significantly, the market remains vulnerable to the actions of a very small group.