TON Airdrops: Who Actually Owns the Game Tokens

Telegram games handed tokens to tens of millions of people. Notcoin, Hamster Kombat, Catizen, DOGS—every project has millions of on-chain holders, and that was the headline number each of them advertised. We took the twenty largest airdrop projects on TON and looked at where those tokens actually sit today.

In brief

• 20 projects, 16 266 578 holder records, combined market cap of $130,00 million
• The top 100 wallets of each project hold an average of 84,93 % of supply (median 88,68 %)
• For six of the twenty, the top 100 holds more than 96 %
• $40,23 million sits on exchange wallets—30,94 % of these tokens’ combined market cap
• Every remaining holder gets an average of $1,15 per wallet
• For DOGS, 4,9 million wallets share 16,87 % of supply—$0,66 each

Which projects we took

The selection rule was single: a Telegram game or tap-to-earn project that distributed its token by airdrop. We took the twenty with the largest holder bases. Stablecoins are out—they work differently and have nothing to do with airdrops. Liquid staking (tsTON and the like), memecoins without a distribution, and DEX utility tokens are out too.

The first thing that stands out is not the distribution but the scale. Twenty projects with a combined base of more than 16 million wallets are worth $130,00 million together. For comparison, the single Ton Ecosystem Reserve wallet holds $310 million worth of TON—2,4 times more than all twenty airdrops combined.

How much the top holds

For each project we store the top 100 holders—the same depth everywhere, from the same snapshot.

The average across the twenty is 84,93 %, the median 88,68 %. For half of them, ten wallets alone are enough to cover more than three quarters of supply.

The most evenly spread is AquaXP—and only because its token trades nowhere, so there is nothing to move it to. The tightest is Bombie: 98,85 % held by a hundred addresses, with the first ten taking 95,98 %.

A category of its own is projects where everything rests on a single wallet:

For Call of Odin’s Chosen, 87,36 % of supply sits on one address. For MAINCARD it is 59,57 %, for Tomarket 56,03 %, for X Empire 49,28 %.

Two completely different kinds of concentration

Here is where it gets interesting. “The top 100 holds 90 %” sounds equally ominous every time, but two opposite stories hide behind that number.

The first is exchange custody. A token sitting on a Binance or OKX wallet belongs not to the exchange but to thousands of its customers. It means people actually received their tokens and sold them or moved them to an exchange—the airdrop worked, and the on-chain concentration reflects migration off-chain, not control.

The second is private concentration. Addresses with no exchange and no DEX pool behind them. That is the real thing.

Five projects—AquaXP, W-Coin, Headcoin, MAINCARD and Call of Odin’s Chosen—have no exchange presence at all, exactly 0 %.

The same table, now split:

The picture flips. For DOGS and Hamster Kombat—the projects with the biggest audiences—almost all of the “concentration” turns out to be exchange custody: 59,07 % and 58,38 % of supply sits on CEX wallets. Their tokens genuinely reached people; the people simply carried them off to exchanges.

At the bottom of the audience-size list it is exactly the reverse. The smaller the project, the likelier its supply simply never left a handful of wallets. All six of the smallest projects in our sample—Tomarket, W-Coin, Bombie, Headcoin, MAINCARD and Call of Odin’s Chosen—have no meaningful exchange presence. The listing never happened, there is nowhere to sell, and the token stayed where it was cut.

RabBitcoin: six wallets and a million people

The clearest case in the whole sample. RBTC has 1 220 119 holders—fifth place on our list. Here is how its supply sits:

Six wallets with consecutive shares—42,57 %, exactly 15 %, exactly 10 %, exactly 8 %, 5,95 %, exactly 5 %—hold 86,52 % of supply. The round numbers speak for themselves: this is not how a market settles, it is how an allocation was cut at launch.

The remaining 3,82 % is spread over 1,22 million wallets. In money, that is one cent per wallet.

X Empire: half of it on a single address

For X Empire, 49,28 % of total supply sits on one address with no label of any kind. The second wallet holds another 16,10 %—together two addresses control 65,38 % of the token.

And here is the interesting part: that second address is the Nobitex exchange, and X Empire is not its only project. It appears in the top 100 of six projects from our list at once: CATI, DOGS, HMSTR, MAJOR, NOT and X. Altogether it holds $2,73 million worth of airdrop tokens.

The same addresses across different projects

We ran all 2 000 positions (20 projects × top 100) and grouped them by owner. The result is 1 720 unique addresses—meaning some wallets show up in several top lists at once.

• 121 addresses are in the top 100 of at least two projects
• 67 addresses are in at least three

The most ubiquitous:

Binance holds $24,58 million of airdrop tokens—18,9 % of the combined market cap of all twenty projects, all of it on one address across four tokens.

What is left for an ordinary participant

The sobering part. Take whatever did not make the top 100 and divide it by the number of remaining holders.

Across the eighteen projects with a market price, everything outside the top 100 amounts to $18,28 million spread over 15 880 968 wallets—an average of $1,15 per wallet.

That is the answer to how the Telegram-game era ended. Tens of millions of people tapped for months, received a token, it landed on-chain and became real—and today it is worth roughly one bus fare. And that is the average: DOGS works out to 66 cents, Catizen to 42 cents, RabBitcoin and DuckChain to one cent.

The only two projects where an ordinary holder has more than a dollar or so are Major ($5,13) and Notcoin ($3,71). Tellingly, those are exactly the two projects with the smallest top-1 holder: 8,59 % and 17,57 %.

Four projects—Catizen, Notcoin, DOGS and Hamster Kombat—account for 90,2 % of the sample’s entire market cap. The other sixteen are worth $12,73 million between them.

What this adds up to

1. Concentration is nearly everywhere, but its nature differs. For the mass-market projects (DOGS, HMSTR, NOT) it is mostly exchange custody—the tokens dispersed and were sold. For the smaller ones (COC, MCN, RBTC, BOMB, BLUM) it is private: the supply simply never left a handful of wallets.
2. Holder count says nothing about distribution. Catizen has 1,63 million holders and 98,53 % in a hundred addresses. AquaXP has five times fewer holders and the lowest concentration in the sample.
3. A listing is the watershed. All five projects with no exchange presence hold between 56 % and 94 % of supply in private wallets. Without reaching an exchange, an airdrop stays a database row on a blockchain.
4. Big-tech-scale marketing did not turn into capital. More than 16 million wallets hold $130 million worth of tokens between them—and 86 % of that sum is concentrated in 1 720 addresses.

Sources and methodology

All figures are aggregates from our own database, with no external sources.

The snapshot. The jetton and jetton_top_holder tables as of 24 October 2026—a snapshot taken right after the distribution of TON itself. Top-holder balances were synchronised on 23–24 October. For each project we store exactly the top 100 holders by balance; where a few extra rows appeared (duplicates from several jetton wallets of one owner), we took the first 100 by descending balance.

Project selection. Telegram games and tap-to-earn projects that distributed a token by airdrop, taking the twenty with the largest holder bases. This is our own classification by project type, not a flag in the database. Stablecoins are deliberately excluded—their circulation works differently. Liquid staking, memecoins without a distribution, and DEX utility tokens are also out. Several jettons with large holder bases were skipped on purpose: we could not confirm they were game-project airdrops rather than investment schemes or tokens with incomplete metadata.

Important: jettons were selected by contract address, not by ticker. The database holds three different jettons with the symbol DOGS, and two each for HMSTR, PX, CATS and BOMB: these are clones with a few thousand holders. Counting by ticker would mix the real token with the fakes; every real contract is linked in the first table.

Shares were recomputed from scratch as balance / total_supply and checked against the stored supply_percent field—they match for every project where the field is populated. “Left for everyone else” is 100 % − the top-100 share, spread over holders_count − 100 wallets.

Exchange wallets were identified two ways: a confirmed exchange category in our wallet labelling (owner addresses were converted from the user-friendly format to raw and joined against the wallet table), or a recognisable name of a major venue. DEX pools and vault contracts are counted separately and are not included in the exchange share—which is why “top 100” does not always equal the sum of the two adjacent columns. Of the 1 720 owners, only a minority carry a confirmed category; the rest are either private individuals or simply not labelled yet, so the real exchange share may be slightly higher than stated.

Prices are the priceUsd field from jetton_price as of 24 October 2026, sourced from TonAPI and GeckoTerminal. AquaXP and MAINCARD have no price, so they are excluded from every money calculation while remaining in the percentage ones. The “30-day change” field is not used anywhere: for some tokens it contains plainly impossible values and needs a separate review.

Data boundaries. holders_count counts jetton wallets, not people: one person can hold a token across several addresses, and a single exchange address can custody the tokens of hundreds of thousands of customers. Market caps are computed from the last price on an illiquid market and are nominal for the smaller tokens. Shares are measured against total_supply—issued supply, not the unlocked portion of it.