enclosure
=========
/ transcript / treasury / holders / curve / mint / record / docs / x
the pen
=======

the pen is drawn from the coin. its width grows with the number of holders, its walls thicken when the curve holds more than ten sol, and its floor fills with dust in proportion to the supply still sitting on the curve. every holder stands inside as a glyph sized by its share. a wallet that sells everything leaves a comma where it stood. every sell of half a sol or more scratches the inside of the wall and the scratches never clear.

┌────────────────────────┐
│ the pen is drawn from  │
│ the coin. width grows  │
│ with holders, walls    │
│ thicken past ten sol   │
│ in the curve, dust     │
│ marks supply still on  │
│ the curve. every       │
└────────────────────────┘
legend
~~~~~~
:   below 0.05 percent of supply
o   below 0.25 percent
O   below 1 percent
@   1 percent and above
#   one of the five largest holders
&   the treasury
,   a wallet that sold out
/   a scratch, one sell of 0.5 sol or more
·   dust, supply still on the curve
distribution
============
:          
o          
O          
@          
holders
=======
glyph wallet balance share
concentration
=============
how concentrated the coin is. the share of supply held by the
largest one, five, ten, twenty and fifty wallets, and a gini
coefficient over all holders where zero is perfectly even and
one is a single owner.
cohorts
=======
first seen          holders   still holding   sold out   share now
holders grouped by the day they first appeared. still holding
and sold out count the wallets of that day, and share now is
what the survivors hold today.
churn by band
=============
band   ever   holding   sold out   churn
which size of holder leaves. ever counts every wallet that
reached the band, holding counts those still in it, sold out
counts those that left, and churn is the share that left.