Market manipulation by whales is a fear lots of cryptocurrency holders have to live with. Bitcoin has already shown that even the largest market in the crypto world can be manipulated that way, Mt Gox selloff being the prime example. And, according to the independent study of six different snapshots of EOS ownership, EOS market can be in danger of the same manipulation.
The unease stems from the fact that just under the half of all the EOS tokens are distributed between the top ten accounts in the rich list. Top 10 richest accounts hold 49.67% of all the EOS supply. Of course, there is no information about exchanges' accounts, and it is quite possible that the exchanges are really in the top ten with their accounts holding the token for all the clients, but as some users pointed out, no one knows, if the exchange holds small sums for a large number of users, or there are just several whales with a significant chunk of the token each.
And it grows from there. The top 100 can be credited with over 74% of the total supply, and the top 1000 hold nearly 86%. And, from this perspective, market manipulation is not the only worry for the holders of EOS token. Because even if all the users from 1001 and down vote about the direction of the project, they wouldn't scrape together even 14% of the total votes, and would need someone from the top tiers to support them in their decision.
And doesn't it seem strange, that all the 162,000 and change users would have to conform to the decisions made by the top 100, or even top 10 accounts, which practically hold the majority of the votes and can sway the direction of the project, if they agree on something just between them?