Amazing discovery! The high concentration of mainstream cryptocurrencies is exposed
In the depths of the cryptocurrency world, there is a staggering wealth distribution pattern. On August 30, 2024, Santiment, an authoritative crypto data analysis agency, shocked the public by revealing a remarkable data on social media - "The amazing control of the total supply of mainstream altcoins by the top ten whale wallets".
The data revealed that the top coin holding addresses of MATIC actually locked up an astonishing 69.4% of the supply, and the highly anticipated SHIB followed closely behind, with the top ten wallets holding up to 61.2% of the share. This discovery not only touched the sensitive nerves of the market, but also triggered a deep reflection on the concentration and decentralization of cryptocurrencies.
Popular tokens such as UNI and PEPE also could not escape this trend, and more than half of the supply was controlled by the top ten wallets. Even ETH, which is regarded as the leader of cryptocurrencies, has a 44% share of its top coin holding addresses, especially with the advancement of ETH 2.0, the deposit contract has absorbed 35.4% of the ETH supply, further exacerbating the phenomenon of centralization.
Santiment's in-depth analysis pointed out that behind this phenomenon is a complex result of multiple factors. The deep involvement of early participants and project insiders has made some projects such as TON show extremely high concentration. Other tokens, such as Ethereum, are used in large quantities for staking or governance mechanisms, which requires validators to hold a large number of tokens, thereby exacerbating the concentration of supply.
In contrast, tokens widely distributed through airdrops or community reward mechanisms, such as ARB, show more decentralized characteristics, bringing a breath of fresh air to the market.
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