On-chain data shows that Shiba Inu (SHIB) is more concentrated in supply than other assets such as Ethereum (ETH) and Pepe (Pepe).
Shiba Inu is controlled by top 10 whales for 62% of supply
It’s new post At X, on-chain analytics firm Santiment shares how some top coins currently compare to each other in terms of the supply rates held by the 10 largest wallets on their respective networks.
Below is a chart showing trends for this metric for eight cryptocurrencies: Shiba Inu, Ethereum, Pepe, USDT, USDC, Dai, ChainLink (Link), and UnisWap (UNI).
As shown in the graph, Stablecoin USDC is approximately 27% of these assets, focusing on the top 10 addresses. ChainLink and Dai have metrics sitting at 32% and 33%, respectively.
But others like Uniswap and Ethereum have a more important part of the supply of 51% and 49%, respectively, under the control of these huge entities.
One of the assets that stands out is Shiba Inu, with 62% of the supply belonging to the 10 major whales on the network being in large quantities. For comparison, the other memo coins on the list, Pepe, has the same metric at 39%.
Generally, as tokens mean power over the network, supply centralization by just a few hands is not a constructive indication of cryptocurrency stability. It is particularly relevant in the case of a Proof (POS) Assets like Ethereum.
As Santiment explains,
As a retailer, it is generally safer to hold the coins that most elite whales have little supply. If the largest whale of the assets decides to leave their position, the risk of a sudden dump or price manipulation is reduced.
Given this, assets like Ethereum, Uniswap and Shiba Inu, who currently have the majority of supply or the majority of supply close to the hands of the top 10 whales, may not be in their best position now.
In some other news, the sentiment of the cryptocurrency market is as follows: Extremely greedyAccording to Fear and greedy index. The Fear & Greed Index is an indicator created by Alternative It enters several different factors to determine the investor mentality as a score between zero and 100.
As mentioned above, the fear and greed of cryptocurrency currently has a value of 73. This corresponds to the presence of strong feelings of greed that exist among traders.
Historically, markets have often moved in directions that go against crowd expectations. The probability of reverse movement is particularly strong at the extreme ends of the index. For now, the market is still outside the extreme greed zone, but only a few units.
Shibu Price
At the time of writing, Shiba Inu has traded around $0.0000115, an increase of over 3% over the past seven days.
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