Haciyev Reşit 
A new report has been published that raises concerns about centralization in the cryptocurrency market. Onchain analytics platform Santiment revealed that in some popular altcoins, a significant portion of the supply is concentrated in the hands of just a few large wallets.
Altcoins Dominated by Whales
According to Santiment’s data, supply distribution is heavily whale-controlled, particularly in altcoins tied to the Ethereum ecosystem. Here are the standout tokens and the percentage of supply held by the top 10 wallets:
- Shiba Inu (SHIB): 62.3%
- Uniswap (UNI): 52.2%
- Ethereum (ETH): 51.0%
- Tether (USDT): 40.5%
- Pepe (PEPE): 39.4%
- Chainlink (LINK): 31.5%
- Dai (DAI): 31.0%
- USD Coin (USDC): 28.6%
At the top of the list, Shiba Inu (SHIB) stands out, with nearly two-thirds of its total supply controlled by only 10 wallets.
Centralization Concerns and Risks
Santiment warns that this situation poses risks for investors because whales controlling such large amounts of tokens can lead to:
- Sharper price fluctuations,
- Sudden selling pressure,
- Renewed debates about centralization.
The report also highlights that three of the eight tokens listed are stablecoins (USDT, USDC, DAI), a striking detail that shows even supposedly stable crypto assets can be under heavy influence from a small number of addresses.
Focus on the Ethereum Ecosystem
All of the tokens mentioned in Santiment’s report are Ethereum-based projects. This raises further questions about the structure of the Ethereum network in the ongoing decentralization debate.
This report reminds investors that when building a portfolio, they should look beyond price action and pay attention to onchain data and supply distribution. Projects heavily dominated by whales may carry higher investment risks.
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