In recent days, Bitcoin and other altcoins have experienced significant price drops due to heavy selling pressure. However, large investors, commonly known as “whales,” have taken advantage of this opportunity to accumulate a large number of altcoins, including some of the most popular ones.
Santiment, a leading analysis platform, has provided 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, especially if the whales decide to sell. However, Santiment suggests that if whales maintain or increase their holdings, it could indicate growing confidence in SHIB, which may potentially benefit its price.
Apart from SHIB, Santiment has also highlighted the distribution of other major altcoins. Ethereum (ETH) shows that the top 10 wallets hold 46.1% of its total supply, which could pose risks to its price stability.
On the other hand, altcoins like Chainlink (LINK) and Toncoin (TON) have a more balanced distribution, with whales holding around 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.