Shiba Inu (SHIB) Leads Altcoin Whale Control, Despite P2A Adoption

The altcoin industry has been solving the decentralization aspect of the blockchain trilemma for the past years. With the scalability and security

The altcoin industry has been focusing on achieving decentralization as part of the blockchain trilemma. While layer one and layer two chains have addressed scalability and security, the distribution of altcoins is still being optimized.

One method used to distribute altcoins is play-to-airdrops (P2A), which has gained traction in the GameFi sector. However, despite these efforts, whale investors still largely control most tokens.

Shiba Inu, the leading memecoin on the Ethereum ecosystem, has the highest level of whale control among the top altcoins, according to on-chain data analysis by Santiment. The top 10 largest wallets hold 61.3 percent of the total circulating supply.

With over 41 percent of SHIB's total supply already burned, 61.3 percent of the remaining 59 percent is a significant proportion in the hands of whale investors. According to Santiment, this huge control is a double-edged sword that every retail trader should closely monitor.

On one hand, the large control of SHIB by whale investors instills confidence in the dog-themed memecoin. On the other hand, a potential selloff by the whales could be catastrophic for the memecoin.

Here are the percentage of total supply holdings of the top 10 largest wallets for four of the largest altcoin market caps in crypto.