The altcoin industry has been making progress in solving the decentralization challenge of blockchain technology. While scalability and security have been addressed through layer one and layer two chains, the distribution of altcoins to achieve higher decentralization is still a challenge in many projects. Play-to-airdrops (P2A) have become popular in the GamiFi sector, but whale investors still have significant control over most altcoin projects.

According to on-chain data analysis by Santiment, Shiba Inu (SHIB), the leading memecoin on the Ethereum ecosystem, has the highest level of whale control among the top altcoins. The top 10 largest wallets hold 61.3 percent of the total circulating supply of SHIB. This high level of control by whale investors is a double-edged sword, as it instills confidence in the memecoin but also poses a risk of a potential selloff that could be catastrophic.

Similarly, Ethereum (ETH) has 46 percent of its total supply held by the top ten largest wallets, posing a considerable threat. On the other hand, Chainlink (LINK) and Toncoin (TON) have a more evenly spread distribution of their total supply among whale investors, with about 33.1 percent and 32.8 percent, respectively.



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