Number of Dolphin (1k-5k ICP)
The Number of Dolphin (1,000–5,000 ICP) metric counts the total number of ICP addresses holding between 1,000 and 5,000 ICP. Addresses in this tier typically represent retail participants with economically relevant stakes, capable of more substantial transactions, operational activity, and meaningful accumulation within the network.
How it’s calculated
All addresses are analyzed based on their current ICP balance. Addresses holding at least 1,000 ICP but less than 5,000 ICP are included in this category. Each address is counted once.
Interpretation of trends
The Number of Dolphin provides insight into retail accumulation with economic relevance:
- Increasing Dolphin count: Indicates growth in economically meaningful retail participation. This can reflect active accumulation, confidence in the network, or operational usage by mid-sized retail holders.
- Stable Dolphin count: Suggests a consistent base of economically relevant retail participants without significant consolidation or expansion.
- Declining Dolphin count: Could signal consolidation into larger wallets or distributed into smaller ones.
Limitations
Although the Number of Dolphin offers meaningful insights into retail holdings, it has several limitations:
- Partial economic representation: While balances are economically significant for retail participants, they remain smaller than mid-size.
- Activity not guaranteed: Dolphin addresses may be dormant or used intermittently for operations, staking, or transfers.
- Potential automated or protocol-related wallets: Some addresses may be canisters, scripts, or operational wallets, not fully reflecting genuine retail accumulation.
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