Cryptocurrency
Analysis of Wealth Concentration in Altcoins
Saturday. August 31 at 9:00 AM
1 min. readAccording to on-chain data, Shiba Inu is one of the altcoins with the highest concentration of wealth among the largest addresses on the network. Santiment, an on-chain analytics firm, compared the percentage of circulating supply held by the top ten wallets for various cryptocurrencies. The chart shared by Santiment reveals that Polygon (MATIC) and Shiba Inu (SHIB) currently lead in this metric. Previously, Chainlink (LINK) held the top spot but has since distributed its supply. Ethereum (ETH) also faces centralization concerns due to its proof-of-stake consensus mechanism. In contrast, USD Coin (USDC) and Dai (DAI) have lower wealth concentration. High centralization in assets like Shiba Inu may pose instability risks, while those with decentralized holdings could be safer investments. Shiba Inu is currently trading at around $0.0000141, showing a 2% decrease in value over the past day.