In recent days, Bitcoin and other altcoins have experienced significant price declines due to heavy selling pressure. However, large investors, commonly known as “whales,” have taken advantage of this opportunity to accumulate a substantial amount of altcoins, including some of the most popular ones.
Santiment, a leading analysis platform, has shared insights on the altcoins that have been heavily accumulated by these whales. It is worth noting that the top 10 wallets now control 61.3% of Shiba Inu’s (SHIB) total supply, indicating a significant dominance of whales over this meme coin.
This level of control has raised concerns as it could lead to volatility, particularly if the whales decide to sell their holdings. However, Santiment suggests that if the whales maintain or increase their holdings, it could indicate growing confidence in SHIB, potentially benefiting its price.
Apart from SHIB, Santiment has also highlighted the distribution of other major altcoins. For example, 46.1% of Ethereum’s (ETH) total supply is held by the top 10 wallets, which could pose risks to its price stability.
On the other hand, altcoins like Chainlink (LINK) and Toncoin (TON) show a more balanced distribution, with whales holding approximately 33% of the total supply. This suggests a more stable outlook for these assets.
Santiment’s report emphasizes how the concentration of supply among a small group of holders can influence the price and overall market sentiment of cryptocurrencies.