Kaspa Tops Bitcoin, Ethereum and Solana on This Holder Metric

There’s a holder metric that puts Kaspa well ahead of Bitcoin, Ethereum and Solana. Crypto analyst Yoriichi Tsugikuni shared data showing Kaspa with a holder-to-market-cap ratio of 0.292, compared with 0.145 for Solana, 0.068 for Ethereum and 0.012 for Bitcoin. He argued that the number reflects the strength of the Kaspa community. The comparison is interesting, but the metric needs some context before treating it as proof that one community is stronger than another.