10 Wallets Hold Over Half of Ethereum Supply
New data shows just 10 wallets control more than 50% of Ethereum supply, raising concerns over decentralization.
- Over 50% of Ethereum is held by 10 wallets
- SHIB and UNI also show high concentration
- Centralization risks spark debate in crypto
On-chain data from Santiment has revealed that Ethereum (ETH), the second-largest cryptocurrency, is highly concentrated in the hands of a few holders. According to the report, just 10 wallets now control more than half of the total ETH supply. This discovery has reignited the ongoing discussion around decentralization and the risks associated with such concentrated ownership.
Ethereum has long been viewed as a decentralized network that powers smart contracts and decentralized applications. However, when a handful of wallets hold a majority share, it raises concerns over influence on governance, liquidity, and even price stability.
SHIB and UNI Show Similar Trends
It’s not just Ethereum facing this issue. The data also highlights similar patterns in ecosystem tokens like Shiba Inu (SHIB) and Uniswap (UNI). In both cases, significant portions of their total supply are concentrated among just a small group of addresses.
For SHIB, known for its large and passionate community, the revelation might come as a surprise, as the token is often promoted as a grassroots project. Meanwhile, UNI, the governance token of Uniswap, being so concentrated may weaken the principles of decentralized governance if only a few wallets can sway votes.
The Debate on Centralization in Crypto
These findings fuel the ongoing debate within the crypto space about the balance between decentralization and practicality. While large wallets could belong to exchanges, staking contracts, or institutional investors, the effect remains the same: a small number of entities hold significant power.
This concentration could make markets more vulnerable to sudden sell-offs, governance manipulation, or coordination among large holders. For everyday investors, it underscores the importance of being aware of the ownership dynamics behind their favorite tokens.
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