Exploring Crypto Whale Concentration: Unveiling the Rich Lists of the Top 10 Cryptocurrencies
In the past ten years, a myriad of digital currencies have emerged alongside bitcoin, forming a cryptocurrency ecosystem now worth $1.2 trillion. Within this realm, enigmatic figures known as crypto whales have played a pivotal role in the distribution, trading, and accumulation of coins across various projects. This study delves into the ten most valuable crypto assets based on market valuation, shedding light on the extent of their distribution and ‘rich list’ evolution throughout the years by examining their affluent lists of holders.
Examining the Top 10 Cryptocurrencies’ Wealth Distribution
Since its inception in January 2009, bitcoin (BTC) has traversed a remarkable journey, undergoing substantial distribution over the course of the past 14 years. This investigation aims to explore the intriguing landscape of the so-called ‘BTC rich list,’ while simultaneously examining the rich lists tethered to the top ten crypto assets in June 2023.
By delving into this analysis, we can gauge the sheer magnitude of holdings possessed by the most significant crypto holders in the present day. To ascertain the distribution levels of the top crypto projects featured on cryptocurrency market cap aggregation sites, the rich list statistics provided by the web portal coincarp.com were utilized.
Bitcoin
According to current statistics on June 22, 2023, the number of unique addresses holding BTC today is approximately 48,304,381. Among these addresses, the top 10 wallets possess 5.32% of the total supply. The top 50 bitcoin holders control 10.68% of the supply, while the top 100 own 13.50% of BTC’s circulating supply. Furthermore, three of the top 10 BTC addresses are designated as exchange-operated wallets.
Ethereum
The second-largest cryptocurrency by market capitalization today is ethereum (ETH), according to coincarp.com statistics. On June 22, there were 235,690,415 holders of ETH. Among the 235 million unique addresses holding ether, the top 10 wallets control 31.15% of the ETH supply. The top 50 wallets account for 38.92%, while the top 100 addresses hold 44.34% of ETH’s supply. In contrast to BTC, nine out of the top 10 ether wallets are labeled as exchange wallets.
Tether
Tether (USDT) holds the position of the third-largest cryptocurrency asset in terms of market capitalization, and it is issued on multiple blockchains. However, this research only considers USDT minted on Ethereum. As of June 22, there are 4,369,987 wallets based on ETH that hold USDT. Among them, the top 10 holders account for 18.56% of the circulating USDT, while the top 50 holders own 35.87% of the supply. Tether’s top 100 wallets make up 42.74% of the USDT based on the ERC20 standard. It is worth noting that every wallet in the top 10 rich list for ERC20-based USDT is labeled as an exchange address.
BNB
Similarly, BNB has rich lists on both Ethereum and the BNB chain, and this study relies on the ERC20 rich list for BNB’s supply. Approximately 281,987 holders possess BNB, and the top 10 wallets control 47.61% of the supply. The top 50 BNB wallets account for 64.91% of the supply, while the top 100 wallets represent 70.95%. Only two wallets out of the top 10 BNB addresses are labeled as exchange wallets. For additional reference, a quick glance at the BNB chain stats reveals 2,650,397 BNB holders; however, the top 10 wallets on that chain possess 97.25% of the supply.
USDC
Once again, usd coin (USDC) is a coin that is minted on multiple blockchains, but the research conducted in this study focuses on ERC20-based statistics. There are 1,648,279 identified addresses that hold USDC, and the top 10 wallets control 16.09% of the supply based on the ERC20 standard. The top 50 addresses possess 33.05% of USDC’s supply, while the top 100 addresses account for 41.79%. Among the top 10 USDC wallets, eight are labeled as either centralized or decentralized exchange platforms.
XRP
XRP boasts a total of 4,661,405 holders, with the top 10 wallets controlling approximately 10.8% of the coin’s supply. Additionally, the top 50 XRP wallets account for 16.08% of the total supply, while the top 100 wallets hold around 32.9%. Notably, three out of the top 10 wallets are held by cryptocurrency exchanges.
OKB
Moving on to OKB, it currently has 50,814 holders. Among these, the top 10 wallets command 22.26% of the token’s supply. Furthermore, the top 50 OKB holders own 22.66% of the total supply, while the top 100 holders account for 23.16%. It is worth mentioning that three out of the top 10 OKB wallets are labeled as exchange addresses.
ADA
Cardano (ADA) currently has 3,577,963 unique addresses holding ADA. Among them, the top 10 wallets hold 9.38% of the supply, while the top 50 ADA wallets command 15.57%. Additionally, the top 100 wallets hold 20.61% of ADA’s supply as of June 22. Notably, none of the top 10 ADA wallets are labeled as exchange platforms, according to coincarp.com metrics.
DOGE
Dogecoin (DOGE) boasts 5,406,500 holders. The top 10 wallets command a significant portion of the DOGE supply, accounting for 46.11%. Furthermore, the top 50 DOGE addresses hold 60.87% of the supply, while the top 100 wallets maintain 66.29% of the total supply.
SOL
Lastly, the solana (SOL) rich list reveals that 9,154,449 addresses hold SOL currently. Among them, the top 10 wallets possess 10.39% of the supply. Additionally, the top 50 SOL wallets currently hold 24.88% of the total supply, while the top 100 wallets command 32.69% of all the SOL in circulation. It is worth noting that coincarp.com’s metrics do not display exchange-labeled wallets for both DOGE and SOL rich list data.
Out of the top 10 coins on the rich list, the most evenly distributed ones are BTC, ADA, XRP, and SOL. These four cryptocurrencies exhibit the lowest concentration of supply in the hands of top wallets, suggesting a relatively fair distribution compared to the other coins on the list.
What are your thoughts on the concentration of wealth within the cryptocurrency ecosystem? Share your thoughts and opinions about this subject in the comments section below.
