Top 10 Wallets Control Most of Ethereum, SHIB, and UNI Supply

Fresh on-chain research from Santiment highlights a striking concentration trend across Ethereum and its ecosystem tokens.

The data shows that just 10 wallets collectively hold more than half of the circulating ETH supply, raising questions about decentralization in one of crypto’s largest networks.

Ethereum isn’t alone. Shiba Inu’s distribution is even more extreme, with 62.3% of SHIB sitting in its top ten addresses, while Uniswap’s UNI token sees 52.2% controlled by the same narrow group. This concentration pattern suggests a handful of players wield outsized influence over price stability and liquidity.

Stablecoins appear less centralized but still show noticeable clustering. For example, USD Coin (USDC) has 28.6% of its supply parked in just ten wallets, according to Santiment’s chart. Other assets, including LINK and PEPE, show varied but notable levels of accumulation among leading addresses.

For traders and investors, this underscores an ongoing debate: does heavy concentration make assets more vulnerable to volatility if a whale decides to move funds, or does it provide stability by reducing available supply on the open market?

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As Ethereum continues to anchor the DeFi landscape, the reality that over half its supply is in the hands of so few addresses will likely remain a focal point in discussions about network resilience, governance, and the very idea of decentralization.