How Much Does Solana’s Rich List Command?

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?

SOL’s wealth concentration

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.

FTX major holder of  Solana

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

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Shraddha’s professional journey spans over five years, during which she worked as a financial journalist, covering business, markets, and cryptocurrencies. As a reporter, she has placed particular emphasis to learn about the market interaction with emerging technologies.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.