Top 10 Solana Holders: Who Owns the Most SOL in 2024?

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Who are the major players influencing the future of SOL? This article delves into who the biggest SOL holders are, highlighting the importance of institutional investors and some of the biggest SOL wallet addresses.

SOL, the native cryptocurrency of the Solana blockchain, is one of the most popular altcoins circulating in the cryptocurrency market.

Recently labeled as a security by the US Securities and Exchange Commission (SEC) — something reasonably disputed by the team — SOL continues making headlines, with analysts watching the token and the project.

For full transparency and to achieve total decentralization, it is important to know who the biggest SOL token holders are, as the biggest SOL whales can often influence major decisions within the blockchain’s ecosystem.

So, who are the biggest SOL token holders?

Who Are The Biggest Solana Holders?

The actions of the biggest SOL token holders can significantly influence the market, as they have the power to sway a token’s price and liquidity.

“By understanding their behavior, we can better anticipate market movements and make informed decisions. It’s not just about market dynamics; it’s also about understanding the power structures within the Solana ecosystem.

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“For example, Jump Crypto and Alameda Research own significant shares of SOL tokens. This gives them sway over governance decisions,” Dmitry Mishunin, the CEO of HashEx, told Techopedia.

According to data published on CoinMarketCap, SOL has an unlimited maximum supply of tokens, meaning there is no cap on how many new SOL tokens can be created. As of June 3 2024, the token’s total supply surpasses 577 million coins.

Circulating supply vs total supply, maximum supply

Initially, the token was distributed in five funding rounds:

  • 86% was allocated to Seed Sale
  • 63% was allocated to Founding Sale
  • 07% was allocated to Validator Sale
  • 84% was allocated to Strategic Sale
  • 60% was allocated to Public Auction Sale
  • 50% was allocated to Team
  • 50% was allocated to Foundation
  • 38% as allocated to Community Reserve

Mishunin explained:

“SOL’s initial token distribution was dominated by insiders and VC investors, with 48% going to the founding team and investors. The distribution strategy favored early adopters and investors, leading to a concentration of tokens among a few entities.

 

“This initial allocation has shaped the current ownership structure, making it essential to understand the genesis of these holdings to predict future market behaviors and the potential for decentralization.”

According to data published by CoinCarp, over 9 million wallet addresses hold SOL tokens. The top 100 SOL token holders own over 30% of the total tokens in circulation; meanwhile, the top 10 SOL holders own over 6.5% — a drop from 9% in November 2023.

The Top 10 SOL Wallets

Data correct as of June 3, 2024

  1. MJKqp326RZCHnAAbew9MDdui3iCKWco7fsK9sVuZTX2

Balance – 5.18M SOL which amounts to 1.01% of the total circulating supply.

  1. 52C9T2T7JRojtxumYnYZhyUmrN7kqzvCLc4Ksvjk7TxD

Balance – 4.37M SOL which amounts to 0.85% of the total circulating supply.

  1. 8BseXT9EtoEhBTKFFYkwTnjKSUZwhtmdKY2Jrj8j45Rt

Balance – 3.93M SOL which amounts to 0.77% of the total circulating supply.

  1. GitYucwpNcg6Dx1Y15UQ9TQn8LZMX1uuqQNn8rXxEWNC

Balance – 3.63M SOL which amounts to 0.71% of the total circulating supply.

  1. 9QgXqrgdbVU8KcpfskqJpAXKzbaYQJecgMAruSWoXDkM

Balance – 3.14M SOL which amounts to 0.61% of the total circulating supply.

  1. 9uRJ5aGgeu2i3J98hsC5FDxd2PmRjVy9fQwNAy7fzLG3

Balance – 2.87M SOL which amounts to 0.56% of the total circulating supply.

  1. EJRJswH9LyjhAfBWwPBvat1LQtrJYK4sVUzsea889cQt

Balance – 2.79M SOL which amounts to 0.55% of the total circulating supply.

  1. 53nHsQXkzZUp5MF1BK6Qoa48ud3aXfDFJBbe1oECPucC

Balance – 2.74M SOL which amounts to 0.54% of the total circulating supply.

  1. 8PjJTv657aeN9p5R2WoM6pPSz385chvTTytUWaEjSjkq

Balance – 2.50M SOL which amounts to 0.49% of the total circulating supply.

  1. AHB94zKUASftTdqgdfiDSdnPJHkEFp7zX3yMrcSxABsv

Balance – 2.50M SOL which amounts to 0.49% of the total circulating supply.

 

While CoinCarp does not state who these wallet addresses belong to. Carlos Mercado, data scientist at Flipside Crypto, speculated that many of these addresses belong to either validators or cryptocurrency exchanges who own their tokens to delegates or customers.

“Nonetheless, early holders who are early validators had more of an opportunity to process blocks of Solana transactions, which earned them more SOL rewards. Proof-of-Stake (PoS) networks monitor their validators to limit the “rich get richer” phenomenon commonly associated with Delegated Proof-of-Stake (DPoS) mechanisms.”

Concentration of SOL Tokens

Mercado noted that there is usually “some tension between the concentration of token holders and the health of the network” as significant concentration could scare off institutional buyers who could speculate that a cryptocurrency’s future growth could be captured by early holders selling their tokens.

“But these large holders are often true believers, who have held and accumulated tokens across both high and low price points. They validate the network, use the blockchain, invest in related projects, and have aligned incentives with the network. With most crypto projects, you’ll see a noticeable concentration of token holders. This is natural as the industry is still maturing.”

HashEx’s Mishunin added:

“The concentration of SOL tokens among certain entities or individuals can be a double-edged sword for the Solana ecosystem. On one hand, it can lead to stability and long-term investment. On the other, it risks centralization, where a few powerful players could potentially manipulate the market or influence network decisions.”

He added that if the wallet holders who own the majority of SOL tokens decide to act together, they hold “tremendous power”.

“This concentration can impact the resilience and democratic nature of the network, making it a critical aspect to monitor for the ecosystem’s health.”

Institutional Investments in Solana’s Future

Institutional investments can bring credibility and mainstream acceptance to a cryptocurrency, allowing it to play a pivotal role in shaping where the future price of SOL could be headed.

“Institutions often have a long-term view, which can stabilize the market. However, their influence also shifts the power dynamics within the ecosystem, potentially leading to more centralized decision-making processes,” Mishunin said.

Big companies like Coinbase Ventures, Binance Labs, and Polychain Capital have previously invested in SOL. Their support has helped drive adoption, but they could also shape technical roadmaps to serve their interests.

Flipside Crypto’s Mercado added:

“Institutional investment is often treated as “exit liquidity” by early holders of tokens. That is, early holders believe that this new injection of money will increase token prices. This may be partially true, but more importantly, institutions are equipped to support the entire on-chain economy of Solana.”

In addition, institutional investments can help simplify access to protocols on the Solana network, like Jupiter for decentralized exchange (DEX) token swaps or Solend for lending or borrowing against one’s assets when institutional staking programs enable individuals to participate in DPoS.

The Bottom Line

Knowing who the largest SOL holders are could help investors understand the token’s distribution dynamics and potential centralization risks; meanwhile, monitoring concentration dynamics among key entities remains crucial for the health of the Solana ecosystem.

As SOL evolves, navigating the interplay between large holders, institutional interests, and market dynamics will shape its trajectory, impacting both short-term volatility and long-term sustainability.

References

  1. Sol (Techopedia)
  2. Cryptocurrency (Techopedia)
  3. Altcoins (Techopedia)
  4. Us Securities And Exchange Commission (Techopedia)
  5. Decentralization (Techopedia)
  6. Blockchain’s (Techopedia)
  7. Hashex (Hashex)
  8. Data Published On Coinmarketcap (Coinmarketcap)
  9. Data Published By Coincarp (Coincarp)
  10. Flipside Crypto (Flipsidecrypto)
  11. Validators (Techopedia)
  12. Cryptocurrency Exchanges (Techopedia)
  13. Proof-of-stake (Techopedia)
  14. Delegated Proof-of-stake (Techopedia)
  15. Blockchain (Techopedia)
  16. Centralization (Techopedia)
  17. Decentralized Exchange (Techopedia)
  18. Sol (Techopedia)
  19. Cryptocurrency (Techopedia)
  20. Altcoins (Techopedia)
  21. Us Securities And Exchange Commission (Techopedia)
  22. Decentralization (Techopedia)
  23. Blockchain’s (Techopedia)
  24. Hashex (Hashex)
  25. Data Published On Coinmarketcap (Coinmarketcap)
  26. Data Published By Coincarp (Coincarp)
  27. Flipside Crypto (Flipsidecrypto)
  28. Validators (Techopedia)
  29. Cryptocurrency Exchanges (Techopedia)
  30. Proof-of-stake (Techopedia)
  31. Delegated Proof-of-stake (Techopedia)
  32. Blockchain (Techopedia)
  33. Centralization (Techopedia)
  34. Decentralized Exchange (Techopedia)
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Iliana Mavrou
Crypto journalist
Iliana Mavrou
Crypto journalist

Iliana is an experienced crypto/tech journalist reporting on blockchain, regulation, DeFi, and Web3 industries. Before joining Techopedia, she contributed to a number of online publications, including Capital.com, Cryptonews, and Business2Community, among others. In addition to working in journalism, she also has experience in tech and crypto PR.  Iliana graduated from the City University of London with a degree in Journalism in 2021. She is currently pursuing a Master's degree in Communication.