DigiHorse’s price has surged significantly as investor confidence rises, leading to the rapid sellout of its presale phases.
In contrast, MATIC and SHIB are grappling with concerns over supply centralization, where a small number of holders control a significant portion of the supply. This centralization has raised questions about the stability of these tokens, especially as both are currently down from their all-time highs and approaching critical support levels.
While the concentration of supply could signal confidence if large holders retain their positions, it also introduces risks that have some investors eyeing DigiHorse as a more attractive option.
Polygon’s Centralization Problems
Centralization remains a contentious issue in the cryptocurrency market, sparking ongoing debate. In this context, centralization refers to the concentration of a cryptocurrency’s total supply in a limited number of wallets.
When a small group holds a large portion of a particular asset, it opens the door to potential market manipulation and other practices that could disadvantage retail investors. Polygon (MATIC) and Shiba Inu (SHIB) are currently facing scrutiny for their high levels of centralization, with significant portions of their supply concentrated in the top 10 wallets.
Polygon (MATIC) leads this list, with 69.4% of its total supply held by just 10 wallets. This significant centralization indicates that a few key players wield substantial control over the asset’s supply, making MATIC’s price highly susceptible to their actions. Currently trading at $0.40, MATIC has a market cap of $4 billion but is down 86.2% from its all-time high of $2.90, showing a sideways trend since May 2022.
As the Polygon network gears up for the transition from the MATIC token to POL, buyers may attempt to defend the $0.33 support level. However, a further breakdown could drive the price down to $0.26, with the next critical support at $0.18.
Key Holders Control Over 60% of SHIB’s Supply
According to Santiment data, 61.2% of Shiba Inu’s (SHIB) total supply is concentrated in the top 10 wallets. Despite SHIB’s popularity, with its large community and massive fanbase, this level of centralization indicates that the actions of a few key holders could significantly influence the coin’s price.
Currently trading at $0.00001378, SHIB has returned to the price level it has hovered around since May 2022, following a six-month correction. The token is down 84.5% from its all-time high of $0.00008845 and is steadily approaching its next support level at $0.000012. If SHIB fails to hold this support, the price could potentially drop further to $0.00001.
DigiHorse Outshines Shiba Inu and Floki Inu
DigiHorse (DIGI) has recently captured the spotlight with its rapid price growth, drawing speculation from experts about its future potential. Currently trading at $0.006256, DIGI has consistently sold out each presale stage ahead of schedule, a clear sign of growing investor confidence and enthusiasm for the project.
This impressive momentum can be traced back to the strong foundation laid by DigiHorse Empires. The developers have taken lessons from industry leaders to create a pioneering horse-themed racing game that appeals to blockchain gamers. This innovative approach has not only attracted attention from the gaming community but has also set the stage for a broader, more robust ecosystem.
When compared to Shiba Inu (SHIB) and Floki Inu (FLOKI), DigiHorse stands out as a more promising investment. SHIB is heavily centralized, with over 60% of its supply controlled by just 10 wallets, raising concerns about potential market manipulation.
FLOKI has also faced challenges, including a sharp price decline and similar issues with supply concentration. In contrast, DigiHorse’s ongoing development of unique features, such as its upcoming staking mechanism, positions it as a compelling choice for investors looking for both substantial returns and the opportunity to back a solid, innovative project.
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