The advent of cryptocurrencies in the financial sector has brought with it some new terminologies like “hodl” and “whale,” all of which represent cryptic meanings in the whole of cryptocurrencies. A crypto whale is an investor who owns huge amounts of a cryptocurrency, and apparently, it’s easier to become a whale for some cryptos than others.
For example, you need 10 Bitcoins to be in the top 1% of Bitcoin owners, and this means you need around $100k – going by the current BTC value. However, to be in the top 1% of XRP owners, your accounts needs 70,000 XRP valued at around $20k. That’s according to a tweet by analyst @CredibleCrypto.
A simple breakdown of what it takes to be in the top 10% of $XRP holders. Came across this and thought it was pretty interesting. If you are holding more than 70,000 XRP you are in the top 1% of holders. pic.twitter.com/kt6fEdvcBj
— Credible Crypto (@CredibleCrypto) September 15, 2019
Investors Are Furious
Ripple, the creator of XRP, is one of the most popular blockchain-based solutions developers. The company has been in the fore-front in boosting XRP adoption.
However, of late, there has been some growing discomfort among XRP investors, including whales, who think Ripple is messing up XRP’s market value. The “mess up” has been largely attributed to Ripple’s XRP sales that inject around 1 billion coins into the market on a monthly basis.
In fact, there has been so much discomfort regarding XRP that some investors have called for the community to fork XRP.
XRP Sales Decreasing
Ripple has always maintained that the monthly XRP sales are a good thing for the ecosystem since they provide the funds needed to develop solutions and other support campaign aimed at boosting XRP adoption and usage.
In a tweet post dated August 27, 2019, Ripple’s CEO Brad Garlinghouse attempted to downplay the investors’ concerns, saying that Ripple has been decreasing XRP sales volumes every quarter. He also argued that XRP’s inflation is lower compared to that of the likes of Bitcoin and Ethereum.