A recent report from the analytics platform Santiment shed light on the supply share held by top-10 wallets for various large-cap crypto assets.
Supply Statistics of Cryptocurrencies
According to the data, the top 10 wallets hold 32% of Chainlink's total supply, slightly higher than USD Coin at 27%, but significantly lower than Shiba Inu, which holds 62%.
Market Dynamics and Asset Influences
When a small number of wallets control a significant amount of a coin's supply, there is a heightened risk for investors. This can lead to sudden sell-offs or price manipulation should the biggest holders decide to exit their positions.
Chainlink's Future Prospects
Currently, Chainlink's price is down 3.75% in the last 24 hours, sitting at $13.40. Analysts suggest that holding above the crucial support level of $12 could pave the way for significant upward movement, especially if it breaks the resistance at $14, likely increasing buying pressure.
The analysis of crypto supply control data emphasizes the importance for both large and small investors to monitor market conditions. Amid the current market factors, Chainlink remains a focal point for potential investments.
