As the topic of centralization in altcoins continues to be a hot topic of 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 (ETH), Chainlink (LINK), Shiba Inu (SHIB) and USDT.
Accordingly, Santiment noted that SHIB’s top 10 whales control almost 62% of the supply.
“Here are the amounts held by the top 10 wallets in some altcoins:
“Shiba Inu (SHIB): 61.94% Uniswap (UNI): 51.94% Ethereum (ETH): 49.16% Pepecoin (PEPE): 39.12% Tether (USDT): 38.08% Multi Collateral Dai (DAI): 33.45% Chainlink (LINK): 31.82% USD Coin (USDC): 27.41%”
Noting that SHIB is the most centralized altcoin, Santiment said that as a retail trader, it is generally safer to hold altcoins that have a smaller supply held by the largest whales, as there is less risk of sudden drops or price manipulation if the largest whales decide to exit their positions in altcoins where a small portion of the relevant supply is held.
In contrast, altcoins where a larger portion of the supply is held by whales are at greater risk of sudden declines or price manipulation if whales start selling.
*Not investment advice
