ClauDEV token on-chain data analysis shows a clear concentration of funds in CEXs. Among exchange wallets, a leading exchange holds approximately 25.4%, a compliant platform about 19.1%, another exchange 7.4% (relatively high), Kraken accounts for 10.6%, and Change Now for 4.2%. Additionally, on-chain detection identified two independent large holder clusters holding 2.5% and 3.6% of the tokens respectively. More notably, the combined CEX address mapping clusters reach 57.5%, indicating that current token liquidity is mainly concentrated in centralized exchanges, which has a certain impact on short-term price fluctuations and market liquidity. The concentration of whale addresses is worth monitoring.