Recently, I’ve been eyeing the TRADOOR project, and the data looks pretty interesting.

Let’s start with the basics: total supply is 60 million tokens, but only 14 million are currently in circulation on the market. At the current market cap of $20 million, the price per token hovers around $1.4. But the most striking thing is the on-chain data—the top five addresses hold over 75% of the tokens. With this level of concentration, it’s clear to any seasoned observer that the token is heavily controlled.

I first noticed it by chance on May 6. On a whim, I tried a short position, and luck was on my side—the price dropped to $1.1 the next day. Looking back, around $1 is probably a relative bottom, with the market cap dropping to the $10 million range—which is basically the listing threshold for slightly larger platforms.

Currently, this token is listed on 14 exchanges, and the number of wallet addresses holding it has surpassed 100,000, but there’s still no sign of it on major platforms like Huobi. The derivatives market is pretty active, with clear buying pressure, but it’s hard to benefit much from funding rates.

In my opinion, breaking past $2 in the short term seems unlikely. There are a few reasons: first, it’s obvious that the major holders want to use the current momentum to get listed on more exchanges and cash out at higher prices; second, even though there’s strong buying in derivatives, there’s still constant selling pressure in the spot market. My strategy is to reduce my position around $1.55, and if the price pulls back above $1.2 in the next few days, I might consider adding more.

Of course, this is just my own analysis and not financial advice. The crypto space is risky—make your own decisions.