Shiba Inu eyes rally as whale wallets hold 94% of supply

Shiba Inu (SHIB) has broken above a descending trendline that has limited its recovery since early July, trading near $0.0000042 and holding above the former resistance level of $0.00000418. Technical indicators such as bullish RSI divergence suggest the breakout could sustain, but confirmation requires a move beyond the July 15 high around $0.00000435 and stronger trading volume.

On‑chain data shows that 707 large wallets control roughly 94.49% of SHIB’s circulating supply, valued at about $2.36 billion, while retail investors hold less than 2%. This concentration raises the risk of sharp price swings if any of the major holders sell, but analysts also note that limited supply on exchanges could amplify a potential 39% upside to the 200‑day exponential moving average, which would push market capitalization toward $3.5 billion.