The number of Bitcoin wallets containing one or more BTC over the past week increased by 13,091 and the total number of ‘wholecoiners’ also recorded an additional 865,254 wallets. Although Bitcoin experienced a down price action, the number of whole coiners increased drastically. Since May 10, the market price of bitcoin has plummeted. However, over the last ten days, more than 14,000 whole coiners have joined the market.
In an interview, the founder of the Swedish Bitcoin exchange, Christian Ander, said, “This is good for the ecosystem that it’s growing from the ground up because we want the economy to be bottom-up. People have a strong belief in the future of the Bitcoin network and the value of the currency.”
This rapid rise in the number of whole coiners suggests that retail or “plebs” are buying bitcoins as fast as their income will allow. Not only whole coiners but the number of addresses that added 0.1 BTC (around $2,000, since the price of bitcoin is around $20,000), has also risen over the last ten days. In contrast, the number of wallets with over 100 BTC reduced by 136 over the same period. This means that whales are selling and unloading their bags in the bearish season.
The selling of bitcoins by whales and the increase in buying from whole coiners have spread the Gini coefficient. The Gini coefficient is a standard developed by Corrado Gini, a statistician. The Gini coefficient represents wealth or income inequality within a social group. In the case of cryptocurrency, it can be mapped using the distribution of coins in wallet addresses. When Satoshi Nakamoto first mined Bitcoin in 2009, the Gini coefficient was 1. However, as soon as others began to mine the coin, Bitcoin’s Gini coefficient dropped, and it has continued to trend lower ever since. This indicates that the wealth distribution of Bitcoin is getting fairer and more evenly distributed.
Featured Image: DepositPhotos © slavkosereda
