MATIC, SHIB, UNI Among Top Altcoins With Whales Domination

IconCryptoNewsTerminal Staff29 Aug, 2024

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MATIC, SHIB, UNI Among Top Altcoins With Whales Domination

MATIC, SHIB, and UNI are among the top altcoins with high whale concentration, according to a recent analysis by Sentiment. The on-chain analytics platform found that the top 10 whales control a significant portion of these cryptocurrencies' supply. MATIC, the native token of the Polygon network, has the highest whale concentration, with the top 10 whales holding 69.4% of the supply. This is followed by SHIB (61.2%), UNI (50.8%), PEPE (46.1%), and ETH (44.0%). Sentiment noted that significant holdings by project insiders or early adopters can lead to centralization. On the other hand, distributing coins as airdrops and community rewards can help decentralize a cryptocurrency. The findings highlight the importance of considering token distribution when evaluating the decentralization of a cryptocurrency. Projects with a more evenly distributed token supply are generally considered to be more decentralized and less susceptible to manipulation by a small group of whales.

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