Number of Fish (500-1k ICP)
The Number of Fish (500–1,000 ICP) metric counts the total number of ICP addresses holding between 500 and 1,000 ICP. Addresses in this tier typically represent retail participants with meaningful stakes, capable of engaging in more substantial network interactions, operational activities, or accumulation strategies.
How it’s calculated
All addresses are analyzed based on their current ICP balance. Addresses holding at least 500 ICP but less than 1,000 ICP are included in this category. Each address is counted once.
Interpretation of trends
The Number of Fish provides insight into retail accumulation and small-to-medium economic engagement:
- Increasing Fish count: Suggests growth in retail-level participation, with more participants holding balances large enough to meaningfully interact with the network. It may reflect accumulation behavior or expanding adoption among small but active users.
- Stable Fish count: Indicates a steady base of retail participants without significant expansion or consolidation.
- Declining Fish count: Could indicate that balances are being aggregated into larger wallets, or distributed into smaller ones.
Limitations
While the Number of Fish is a useful indicator of retail participation, it has several limitations:
- Economic impact is moderate: Individual balances are meaningful but still small relative to whales or large operational wallets.
- Activity not guaranteed: Fish addresses may be dormant, operational, or primarily used for occasional transactions.
- Potential automated or canister-related addresses: Some addresses may be generated for operational or testing purposes, not representing genuine retail behavior.
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