Hey there, crypto enthusiasts! If you’ve been keeping an eye on the Solana blockchain, you might be wondering: who really controls SOL? In a fascinating thread posted today by Ignas | DeFi on X, we get a sneak peek into an ongoing investigation into the 605 million SOL coin supply. As a former editor-in-chief at CoinDesk and now with Meme Insider, I’m excited to break this down for you in a way that’s easy to digest, while diving into the juicy details that could impact the Solana ecosystem.

The Big Question: Where’s All the SOL Hiding?

Ignas kicks off this exploration by comparing SOL to Ethereum (ETH), where a public dashboard by 0xEekeyguy tracks ETH ownership. For SOL, the picture is still a work in progress, and Ignas is calling on the community to help fill in the gaps. Here’s what we know so far:

Circulating Supply: A whopping 88% of SOL’s total supply is circulating, which is impressive given that Solana’s supply isn’t capped like ETH’s. Instead, it’s inflating at 4.395% annually, with a 15% decrease rate until it stabilizes at 1.5%.
Staking Power: About 71% of the circulating supply is actively staked—way more than ETH’s 30%. This shows strong community trust in Solana’s proof-of-stake model.
Locked Tokens Mystery: Around 6.7% of staked SOL is locked, possibly held by venture capitalists (VCs), insiders, or the team. But here’s the head-scratcher: Messari says 99.88% of unlocks are complete, with only 0.6 million SOL tied to the FTX estate (likely sold off already). So, what’s up with the 11.2% of locked tokens reported by Solanacompass.com and CoinMarketCap? Ignas needs your input!

Who’s Holding the Big Bags?

Thanks to data from Arkham Intelligence, we get a glimpse of the major players:

Coinbase: Holds $5 billion worth of SOL, or 4.7% of the total supply.
Binance: Owns 3.97% of the circulating supply.
Jito, Upbit, OKX, Alameda, Marinade Finance, Robinhood, Kraken, and more: These entities collectively account for over 20% of the circulating supply, with stakes ranging from 0.13% to 1.61%.

On the staking front, Dune Analytics reveals additional heavyweights like Helius (4.6% of active stake) and Galaxy (8 million SOL). Interestingly, only 6.6% of staked SOL comes from Liquid Staking Tokens (LSTs), which limits DeFi growth potential. Imagine if more SOL migrated to LSTs—Solana’s DeFi ecosystem could skyrocket by billions!

The Retail vs. Whale Divide

Ignas experimented with AI to estimate individual holdings, though he cautions the data might be off. The findings?:

Concentration: The top 0.33% of wallets (about 30,220) control 54% of the supply, including centralized exchanges (CEXs) and custodians.
Retail Power: 97.4% of wallets hold less than 1,000 SOL but still own 24.8% of the supply collectively.

This highlights a classic crypto conundrum: while retail investors dominate in numbers, the big players hold the lion’s share. Ignas is eager for more accurate data, so feel free to chime in on X!

What Does This Mean for Solana?

The thread sparked some lively reactions. techies.hl dropped a Pepe meme, hinting that SOL might be more centralized than expected. Others, like emmyboy.sol, noted SOL’s slower traction compared to ETH and BSC, despite hitting $200 recently. And a curious user asked: are these big holders sitting on SOL for a future sell-off or to stabilize the price? It’s a great question that Ignas’ ongoing research might answer.

Why This Matters for Meme Token Fans

At Meme Insider, we’re all about understanding the ecosystems powering meme tokens and broader crypto trends. Solana’s speed and low costs make it a hotspot for meme coin launches, but its ownership concentration could affect price stability and DeFi growth. If you’re a blockchain practitioner or just love meme tokens, keeping an eye on who controls SOL could give you an edge in predicting market moves.

Join the Conversation

Ignas’ thread is a collaborative effort, and he’s inviting the community to share insights. Got data on those mysterious locked tokens or thoughts on SOL’s future? Drop a comment on his post or let us know here at Meme Insider! Let’s map out the SOL landscape together.