The cryptocurrency market has recently undergone significant changes, affecting Ethereum (ETH), Shiba Inu (SHIB), Chainlink (LINK), and Toncoin (TON), which experienced varying levels of volatility.
Supply Concentration Among Top Holders
A recent tweet from Santiment showed the percentage of overall supply in the 10 largest wallets for these cryptocurrencies. According to the data, 61.3% of Shiba Inu's supply is held in the top 10 wallets, with Ethereum at 46.1%, Chainlink at 33.1%, and Toncoin at 32.8%. A higher concentration implies that fewer holders can influence price movements, increasing risks for smaller investors. A more evenly distributed supply, as seen with Chainlink and Toncoin, reduces market manipulation risks.
Recent Price Performance Across Assets
A four-hour chart from TradingView shows the relative price movement for Ethereum, Shiba Inu, Chainlink, and Toncoin. Ethereum dropped by 30.14%, Chainlink recorded a 35.06% decline, Toncoin fell by 38.14%, and Shiba Inu lost 44.61%, underscoring its speculative nature and higher risk profile.
Market Trends and Correlations
The broader market shows a downward trend, with Ethereum leading the correction phase. Chainlink and Toncoin mirror similar moves, indicating a correlation with overall market conditions. Shiba Inu, however, displays independent fluctuations likely driven by speculation. Data suggests Ethereum's performance could dictate future altcoin movements.
Current trends indicate that short-term price fluctuations are driven by market sentiment. Stability in Ethereum may impact Chainlink and Toncoin, while Shiba Inu remains a more volatile asset.
