Just 707 wallets now control 94.49% of Shiba Inu's entire circulating supply, according to Etherscan's Whale Concentration metric. That figure may be an all-time high in centralization for the token, and it is reshaping how traders are reading the near-term price setup.
Those large holders sit on tokens worth roughly $2.36 billion combined. Retail accounts, by contrast, represent less than 2% of the supply. When that much of a coin is off exchange order books, the market depth thins out fast, and even a moderately sized buy order can move the price more than it normally would.
A 39% move and a top-25 slot on the table
Technical charts on TradingView are adding fuel to the conversation. The RSI has printed a series of bullish divergences near what looks like a local bottom, a signal that the prolonged downtrend may be running out of momentum. The obvious target for any rebound is the 200-day EMA, which sits roughly 39% above current price levels.
That distance is not arbitrary. The 200-day EMA overlaps with a historical Volume Profile shelf in the $3.49 billion to $3.54 billion market cap range for SHIB. A move to $3.50 billion in market cap would push the token out of the top 30 on CoinMarketCap and into the top 25, leapfrogging six coins in the ranking.
The catch is that nobody knows when or whether large wallets will actually deploy capital. The supply squeeze creates the conditions for a fast move, but conditions and catalysts are different things. With 1.16 trillion SHIB recently exiting Coinbase in a single transfer, the on-chain picture keeps shifting week to week.
This article is for informational purposes only and does not constitute financial advice. Crypto markets carry significant risk; always do your own research before making investment decisions.
