The analytical platform Santiment has revealed which altcoins are held by the 10 largest wallets. This could have a significant impact on the cryptocurrency market.
Role of Whales in the Altcoin Market
Santiment reported that large investors, known as whales, control significant shares in altcoins such as Shiba Inu and Ethereum. This indicates that these altcoins may be subject to increased volatility due to the actions of large holders.
Top Altcoins Concentrated in Investors' Hands
According to Santiment, the top 10 wallets hold 61.3% of the total supply of Shiba Inu, making it the most whale-controlled memecoin. Meanwhile, 46% of Ethereum's total supply is held by the same top 10 wallets. Chainlink and Toncoin demonstrate a more balanced distribution, with 33.1% and 32.8% of the total supply, respectively.
Implications of Concentration for the Market
High concentration of altcoins in the hands of whales can have both positive and negative consequences. If whales continue to hold or accumulate assets, this could signal confidence in the altcoin, positively impacting its price. However, a potential sale by whales could lead to a sharp decline and increased volatility.
The control of major investors over altcoins is a critical indicator for retail investors to consider when assessing risks and opportunities in the cryptocurrency market.
