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.
What you'll learn 👉
Kaspa’s Ratio Is Far Higher Than the Other Three
Based on the figures shared in the October 14 post, Kaspa’s 0.292 ratio is:
- about 2.0x Solana’s 0.145
- about 4.3x Ethereum’s 0.068
- about 24.3x Bitcoin’s 0.012
That means Kaspa has far more counted holders relative to its market value under the methodology used for this comparison.
In simple terms, a smaller asset can post a much higher ratio if it has a large number of holders compared with the size of its market cap.
🚨 Kaspa has one of the highest Holders/Market Cap ratios! you heard it right. $KAS has a higher holders/MC ratio than: $SOL 0.145 $ETH 0.068 $BTC 0.012 why does it matter? it showcases that the kaspa community is the strongest there is.
— Yoriichi Tsugikuni (@YorichiiCrypto) October 13, 2026
That can point to broad ownership relative to valuation.
Does This Prove Kaspa Has the Strongest Community?
Not by itself.
“Holder-to-market-cap ratio” is not a standardized industry metric, and its usefulness depends heavily on how holders are counted.
For example, one person can control multiple wallets, exchange addresses can represent many users, and Bitcoin, Ethereum, Solana and Kaspa have very different wallet structures.
Market cap also changes constantly, which means the ratio can rise because holder count increases, market value falls, or both.
So Yoriichi’s conclusion that Kaspa has the “strongest” community is his interpretation of the data, not something the ratio can prove on its own.
Why the Number Is Still Interesting for KAS
The data still adds something useful to the Kaspa discussion.
Kaspa’s ratio is not marginally above the others. It is roughly twice Solana’s and more than four times Ethereum’s in the figures shared.
That indicates KAS ownership is broad relative to its current valuation under this dataset.
The more important question now is whether that holder base translates into other forms of activity, including transactions, developer growth, applications and liquidity.
A large holder base can be a useful foundation.
For Kaspa, the next step is turning that ownership into sustained network usage and demand.
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