A lot of people seem to be falling for the Solana hype. But the top 10 wallets hold 10% of supply and the top 100 own over 30% of it. That’s a big risk to take if/when they decide to sell. FTX also still holds a lot to sell to recover funds

Solana used to be the butt of the jokes here and generally in crypto circles but money and greed is a big motivator. All of a sudden you were seeing posts of bullishness and hype in crypto circles when the prices started to pump. Gone was the fears of VC investment and big insider firms and individuals who control/own it. Also gone was the talk of how unreliable the network was. I will say that they seem to have made improvements to the network but that's far from saying it is sufficient and acceptable.

But the network is far from decentralized which is supposed to be the aim in crypto. CoinCarp has the stats:


It's clear that just a small portion of wallets own much of the supply anyway you look at it. This is of course a big risk to take if you plan to hold Solana. On top of this, FTX/Alameda themselves held and still hold large numbers of SOL and this was their second largest token holdings after FTT. Courts have approved FTX to sell 100 Million in tokens value every week. Naturally, as SOL is one of their largest holdings it will be one of the larger sells the perform to recover customer funds.

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50 thoughts on “A lot of people seem to be falling for the Solana hype. But the top 10 wallets hold 10% of supply and the top 100 own over 30% of it. That’s a big risk to take if/when they decide to sell. FTX also still holds a lot to sell to recover funds”

  1. My question for you and anyone who makes posts like this.

    Do you think you are helping people by saying this? And why do you care if other people lose money?

  2. So we only need to rely on a smaller number of people to have diamond hands?

  3. Yeah check out polygons tokenomics..

    Also FTX doesn’t own that much in the grand scale of things. I’m not a SOL bull I don’t own any at the moment. But mother fuckers love to FUD

  4. Remember to set up your stop loss! You might invest into Solana and get some gains but make sure you put a stop loss once you are into profit so you don’t lose it (although you need a CEX for that so do it at your own risk)

  5. Top 100 wallets own almost 15% of bitcoin. Top 10 around 5.5%. Thatsa big risk to take if/when they decide to sell

  6. So many burnt “investors” that pretend to care about the tec, when the crypto they despise so much breaks outs.

  7. When I first got into crypto years ago I bought 1k of Sol solely because of staking rewards, iknew nothing else about the coin. Then it popped to 5k in the bullrun at ath, then down to 500 at atl. Now It’s at $1500, seen so many jokes but idk man. Most I got to lose is 1500.

  8. Been waiting for another entry into SOL…last entry was a similar post made at $9

  9. Retails loves to hate Sol huh?
    I had a look at Ethereum’s rich list:

    Top 10 holders 37.4%, Top 20 holders 39.9%, Top 50 holders 44.6%, Top 100 holders 49.8%

    I’ll throw in Chainlink too:

    Top 10 holders 30.8%, Top 20 holders 53.3%, Top 50 holders 62.3%, Top 100 holders 69.8%

    So Solana isn’t that bad compared to others. Cardano admittedly does better in terms of Rich List. But I’d rather invest in Sol.

    Edit: everyone do your due diligence, these numbers may be inaccurate because they may include staking addresses and exchanges (this goes for the Rich List numbers on Solana OP posted above). So take everything with a grain of salt. I appreciate anyone looking into this further and making any further corrections.

  10. Everyone knows it’s a VC chain. If you think you can get in and out before getting dumped on go for it.

  11. “Courts have approved FTX/Almeida 100milions in tokens “ I will guess now more average people will buy SOL so that the whales do not manipulated. In others words it could turn into a race to grab whatever amount FTX/Almeida is liquidating. Is my logic making sense ?

  12. And here I thought the original intent of Crypto was to get away from fiat and then potentially build a new network away from the central banking system? But nooo, we have to be solely focused on crypto as though it were stocks. Because once we trade back into fiat and go back to bank notes we definitely didn’t regress from from what we just preached for. Congratulations for the regression. 😘

  13. FTX being so heavily involved in that coin is enough for me to never touch it. Funny how all people can say about that is “I bet it’s not that much” lol

  14. hasnt the selling already started? I read FTX has their SOL staked and cant sell all at once

  15. Sol is trash but it seems to have insiders pumping it up so may be profitable. I can just reminder the countless times their network crashed when others never have lmao the Sol can’t handle shit

  16. But why did the InvestAnswer guy in his 10 hours of Solana analysis never said that????! /s

  17. I wont be surprised if sol outpaces eth in the next bullrun, we’ve already seen how ridiculous the eth fees were during the nft craze. With sol marketing itself as the next best thing, op will be missing out on it and hop in when prices are already 200$.

  18. I don’t have any SOL so I’m not defending a bag here.

    Every coin has massive whales. Whether it’s VCs, ICO buyers, team, or even early miner whales on a fair launch PoW, there are going to be massive whales. Bitcoin does too.

    You want to play with crypto, you’re gonna deal with whales.

  19. Aren’t the top wallets like exchange wallets or dev team members or something?

  20. People didn’t listen about Luna, they won’t listen about Solana. Anyway I hope we don’t get another Luna before the halving, I don’t want to see 40% 50% sudden fallings again.

  21. Solana is complete BS. Look at the market research on startups that leverage dumb rich money ready to gamble

  22. I am not a Solana shill. Just reporting my personal experience with it.

    My ledger was compromised and I had to transfer everything off of it (I get that crypto isn’t actually stored IN the ledger but for the sake of convenience I’ll talk about it as if it were).

    It cost me like $25 to send ETH.

    It cost me like $0.05 to send SOL.

    The SOL also got there faster.

  23. The problem with SoL is the shilling, not the supply spread … that’s probably worse on Eth and others.

    Cardano is among the most decentralised in the top.

    I don’t trust Solana will hold during a huge load. You don’t solve scalability with magic :). There’s not 1 word, piece of paper, or article about how SoL solved its load capacity … Remember the Trillemma -> Fast, Secure, Scalable (and the 4’th for crypto -> Decentralised)

    Solana – Fast (ok) , Secure (ok) , Scalable (i don’t think so), Decentralised (a joke, it’s one of the most centralised chains not by supply ownership, but by node distribution, there are Solana foundation Nodes, and there are Solana foundation nodes )

    Eth – Fast (meah,but ok atm) , Secure (ok), Scalable (proved it works with huge load, but expensive) , Decentralised (way better than SoL and many other)

    So it depends what you are comparing … i never used SoL, never will, and it gives me the FTX vibes. Everyone was hyping it and throwing money at it until it burst.

  24. It’s interesting to watch the popular sentiment of this sub, and how you can pretty much find success by just inversing every popular belief. Everything stated can almost be applied to every major project and most any pool of global assets. It’s called the Pareto Principle. Not to mention many top addresses are pools of SOL that belong to many investors.

    Fearing of VC investors or a small number of entities that may dump? Try looking at Solana during the last bull market. A mind boggling amount of locked SOL was released and dumped on retail as Solana went from being worth nothing to hundreds of dollars per coin. This cycle will be nothing by comparison.

    It simply matters if Solana continues as a top monolithic chain & friendly to newcomers. So far… it is. Go ahead CC! Keep following the herd 🤣. Don’t attempt to research the most outlandish claims. The most disruptive tech will always attract the most hate. This is how it works.

    Not saying to invest in SOL or it’s our best network. Just pointing to the fact it has strengths that shouldn’t be ignored. I’s continuing to prove itself this cycle, and it’s likely not going away any time soon.

  25. I got strange feeling about this Solana hype…
    After all those years I seperate these kind of hypes :
    BTC/ETH ETF may be introduced – hype begin!
    XRP may win against SEC – hype begins!
    Certain crypto is pumping (SOL) – hype begins!

    Only one is example is fishy… Guess which one

  26. Well this post is dumb as hell, I don’t own any sol, but whales are literally in every asset. Especially the popular ones

  27. Blablabla…it’s 2023 and that coin is still around. Face it, people are in it for the profit and they don’t give a rat’s ass about decentralisation, big wallets etc.
    As long as there is a profit to be made, people will jump the band wagon.

    Stop hating in Solana and accept that it will be around for the long run. Why? Because it just isn’t a bad coin when it comes to profit, marketing and building platform.

  28. if SBF was smart he would have hidden the private keys to the remaining crypto to help himself in a case like this.

  29. Whatever SOL does I’ll never use or trust a chain where founders lied about circulating supply.

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