While the topic of centralization in altcoins continues to be a hot topic for discussion, Santiment revealed how much of the supply the top 10 whales of some altcoins hold.
Crypto on-chain analytics platform Santiment shared on its X account the total supply percentages held by the top 10 wallets of some of the most important altcoins, including Ethereum, Polygon and USDT.
Accordingly, Santiment noted that MATIC’s top 10 whales control almost 70% of the supply.
“Centralization has long been a hot topic among traders and an ugly word often used to belittle a crypto asset.
This refers to the concentration of power, whether it’s one entity controlling the supply or a small number of addresses holding most of the coins.
Here are the amounts held by the top 10 wallets in some altcoins:
Polygon (MATIC) 69.4%, Shiba Inu (SHIB): 61.2 Uniswap (UNI): 50.8% Pepe (PEPE): 46.1% Ethereum (ETH): 44.0% Tether (USDT): 33.1% Chainlink (LINK): 31.1 % Toncoin (TON): 27.5% Multi Collateral Dai (DAI): 24.5% USD Coin (USDC): 19.0%”
According to Santiment, significant holdings of a project by insiders or early adopters can lead to increased centralization. Conversely, distributing altcoins through airdrops and community rewards can provide greater decentralization.
🪙 "Centralization" has long been a hot topic (and dirty word to often disparage a crypto asset) among traders. It refers to the concentration of power, whether through a few entities controlling protocol decisions, a small number of addresses holding most coins, or concentrated… pic.twitter.com/s4QY3kv8ww
— Santiment (@santimentfeed) August 29, 2024
*This is not investment advice.
