Solana, a Layer-1 blockchain, is known to be an eco-friendly chain that combines proof-of-stake consensus. In November 2021, Solana reached its record high of $260.
At the time of publication, Solana has averaged out at the $100 mark but remains almost 60% down from its all-time high. At this time, we look at the top holders of Solana in 2023.
Also Read: Solana Price Prediction: Should You Enter $SOL at $100 Dip?
Based on data by CoinCarp, the top ten addresses on the Solana rich list collectively hold approximately 49.66 million SOL. This represents a significant 9.69% of SOL’s total circulating supply as of November 2023.
Meanwhile, the chain’s top 20 holders control 14.87% of the supply. This concentration increases further with the top 50 holders possessing 24.93% of the tokens, and the top 100 holders collectively owning 33.41%, as per CoinCarp data.
On the top holder list is an address holding over 11.16 million SOL, amounting to 2.18% of the total supply. This address, identified as 9WzDXwBbmkg8ZTbNMqUxvQRAyrZzDsGYdLVL9zYtAWWM, sits at the top of the rich list. Following in the ranks are other addresses, each securing a stake ranging from 0.71% to 1.09% of the total SOL in circulation.
The on-chain analytics firm Spot On Chain recently revealed that about 27% of FTX’s Solana (SOL) holdings, roughly 15.3 million SOL, are now accessible. The defunct entities have around 2 million SOL, valued at nearly $192 million, ready for potential sale.
This scenario, where a few players hold a large portion of a cryptocurrency, is becoming common with a few large cryptos. It’s a concern for those advocating for decentralization, as concentrated ownership can lead to significant price swings if these major holders decide to move their assets.
In the DeFi front, with its 121 active protocols, the chain has a Total Value Locked (TVL) of around $1.4 billion. Based on figures by DefiLlama, Solana dominates 2.65% of the overall $50 billion TVL.
Also Read: Solana (SOL) Price Rally Is Unstoppable, Expect 100% Gains In 2024
Ripple has received another $200 million financing round led by Neuberger Berman. The funding is…
The U.S. Securities and Exchange Commission (SEC) has again delayed the launch of the prediction…
The banking industry has renewed its push for a broader ban on stablecoin rewards in…
Ethereum treasury Bitmine has announced another ETH purchase made last week, with the company's holdings…
Strategy's Executive Chairman Michael Saylor has announced that the firm has officially resumed its Bitcoin…
XRP grabbed broader crypto market attention with a massive spike in trading volume today. This…