Although Bitcoin and altcoins have experienced sharp declines due to the strong selling pressure they have faced in recent days, whales, known as big investors, turned the decline into an opportunity and bought many altcoins.

As purchases continue, popular analysis platform Santiment announced the altcoins held the most by the 10 largest wallets.

Santiment highlighted that the top 10 wallets hold 61.3% of the total supply of the popular memecoin Shiba Inu, with SHIB ($0.00) having the highest whale control.

More than 41% of SHIB’s total supply has already been depleted, with 61.3% of the remaining 59% held by whales, Santiment said, adding that this is a large percentage.

According to Santiment, the large control of whale investors over SHIB is a critical piece of data that retail investors should closely monitor, adding that “the large control of whale investors over SHIB instills confidence in SHIB. On the other hand, a possible sale by whales could be disastrous for the memecoin. It could increase volatility.”

In contrast, Santiment noted that if whales continue to hold or accumulate, this could signal confidence in SHIB and would be positive for the price.

Santiment also revealed the other altcoins that are held the most by the top 10 wallets. Accordingly, 46% of Ethereum (ETH ($3,405.16)) is held by the top ten wallets, posing a significant threat to the price.

Chainlink (LINK ($14.52)) and Toncoin (TON ($1.68)) have a more even distribution of the total supply, with whale investors accounting for approximately 33.1% and 32.8%, respectively.

“Here are the percentages of total supply assets of the top 10 wallets by market cap for the four largest altcoins in the cryptocurrency market:

Shiba Inu – SHIB: 61.3% Ethereum – ETH: 46.1% Chainlink – LINK: 33.1% Toncoin – TON: 32.8%

…When too much supply is in the hands of a few, smaller investors may feel at a disadvantage; but when supply is more balanced, there is generally greater confidence in the asset's price stability.”

Here are the percentage of total supply holdings of the top 10 largest wallets for four of the largest altcoin market caps in crypto:

Shiba Inu $SHIB: 61.3% of Supply
Ethereum $ETH: 46.1% of Supply
Chainlink $LINK: 33.1% of Supply
Toncoin $TON: 32.8% of Supply… pic.twitter.com/RY5uUcbKI8

— Santiment (@santimentfeed) February 7, 2025

*This is not investment advice.

Continue Reading: Which Altcoins Are Held by the Top 10 Wallets? "Santiment Named Four Altcoins!"