On-chain data reveals that nearly a quarter of MERL’s circulating supply is staked, while centralized exchange reserves have significantly declined.
MERL staking has now reached 232 million tokens, valued at $71.5 million, representing 23.7% of the total circulating supply. Meanwhile, centralized exchanges hold only 91.84 million MERL worth $28.3 million, highlighting a significant shift in the asset’s distribution.