Regarding the on-chain holdings distribution of $Psyduck, data shows that the overall project risk is relatively balanced. Insiders hold 4.3%, which does not form a significant concentration pressure. The team holds 5.3%, of which 4.7% has been locked for 5 days, demonstrating basic project commitment. From the bubble chart, no obvious large-position clustering phenomenon has been observed. The concentration of wallets related to CEX is 48.2%, indicating that this liquidity is relatively regulated. Notably, funds from a major exchange wallet account for only 7.3%, which is relatively low, suggesting that whale holding pressure is not significant. Overall, $Psyduck's holding structure is relatively dispersed, lacking obvious single-point risk factors.