Shiba Inu Tops Altcoin Market Under Heavy Whale Influence
Over the past few years, the Altcoin industry has been addressing the decentralization aspect of the three elements of the block system. The distribution of altcoins is already in progress in most projects through scalability and security aspects addressed through the first and second layer chains.
Using Game to Frenzy (P2A) has gained tremendous momentum in the Gamifi field. However, whale investors’ control over the Altcoin project remains obvious in most tokens.
Shiba Inu leads whale control
According to Santiment’s chain chain data analysis, Shiba INU (SHIB), a leading monument on the Ethereum (ETH) ecosystem, has the highest level of whale control among top altcoins. Specifically, 61.3% of the total revolving holdings are held by the top 10 largest wallets.
As more than 41% of Shib’a’s total supply has been burned down, 61.3% of the remaining 59% is a large proportion of whale investors. According to Santiment, whale investors’ enormous control over Shib is a double-edged sword and every retailer should be closely monitored.
On the one hand, whale investors’ enormous control over Shib instill confidence in dog-themed Memecoin. On the other hand, a potential sell-off from whales could be catastrophic for Memecoin.
Other AltCoins
According to Santiment, 46% of Ethereum (ETH) is held by the top 10 largest wallets, which also poses a considerable threat. Meanwhile, the total supply of chain links (Link) and Toncoin (TON) is more average, with whale investors at 33.1% and 32.8% respectively.
