Shiba Inu’s Biggest Problem? A Few Whales Still Control Almost All of the Supply

The analysis of Shiba Inu (SHIB)’s token distribution reveals an asymmetry that extends beyond mere on-chain statistics. Current data, corroborated by wallet-tracking metrics such as Etherscan, indicates that an extraordinarily small set of addresses concentrates the vast majority of the circulating supply.

This configuration is not a minor anomaly within the ecosystem; rather, it represents the primary structural determinant of the asset’s risk profile, conditioning its liquidity, its volatility, and its capacity for sustained appreciation over time.

Quantitative Magnitude of Concentration

As of the close of July 2026, the whale concentration indicator shows that approximately 707 large wallets control close to 94.49% of SHIB’s circulating supply. These addresses, which represent merely 0.04% of the total number of holders, accumulate an estimated value of $2.36 billion. This level of concentration places SHIB in an extreme position within the spectrum of high-market-capitalization digital assets.

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