Beware of This Altcoin Project: Only 5 Wallets Have Most of the Supply!
Approximately 10% of the total supply of the Ethereum (ETH)-based altcoin project has been captured by a few whales.
According to the data transmitted by the on-chain analysis platform Lookonchain, whale dominance in the RCH Token (RCH) attracted attention.
The data revealed that the top 5 holders of RCH hold 2.387 million RCH worth $7.71 million, which is 9.55% of the total supply.
They can sell for profit
The average purchase price of these top 5 investors was $0.88 and they have made a profit of $5.6 million thanks to the price increases so far. The whales in question have not made any profit sales so far.
However, the fact that 9.55% of a project is available in only 5 wallets continues to create a sales pressure that may bring sudden declines for the project.
RCH was launched on June 7, and its entry price of $0.23 increased by 1,500% within 2 days, reaching $3.9.
According to CoinGecko data, RCH, which has lost 3% in value in the last 24 hours, is traded at $ 2.69 at the time of writing.