On August 30, crypto data analytics firm Santiment released data on social media "the percentage of the total cap of some of the most mainstream counterfeit products currently held by the 10 largest wallets", as follows: MATIC: 69.4% SHIB: 61.2% UNI: 50.8% PEPE: 46.1% ETH: 44.0% USDT: 33.1% LINK: 31.1% TON: 27.5% DAI: 24.5% USDC: 19.0% According to Santiment, there are several factors that can affect whether the holdings of an asset in a Giant Whale wallet address are highly concentrated or low. For example, early adopters or project insiders may hold a large amount of money, resulting in a high concentration (e.g. TON). Or the token can be used heavily for staking or governance, requiring validators to hold a large number of tokens (as is the case with Ethereum and its ETH 2.0 deposit contract, which currently holds 35.4% of the supply). Additionally, tokens that are widely distributed through airdrops or community rewards may have a more decentralized distribution (e.g. Arbitrum).