Fresh on-chain data has indicated a significant degree of centralization in Shiba Inu ($SHIB), as just 707 large wallets reportedly control up to 94.49% of its circulating supply. This finding comes from Etherscan’s Whale Concentration metric, which also shows that these major holders possess SHIB valued at approximately $2.36 billion. In contrast, retail investors are estimated to account for less than 2% of the supply.