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taishiro
SHIB is getting closer to 1.7M Ethereum holding addresses, but the market hasn't shown the same enthusiasm.
Five days after my initial observation, price action remains weak, with SHIB struggling to build a meaningful recovery despite the broader market rebound.
The supply distribution is still an important part of this picture. The top 100 wallets reportedly hold over 83% of the supply, meaning the headline holder count doesn't necessarily reflect broad ownership.
taishiro
SHIB is approaching 1.7M Ethereum holders, but the ownership distribution deserves more attention than the milestone itself.
According to current CryptoRank data, $SHIB has approximately 1.696M holding addresses on Ethereum.
There's another side to that number, though.
The top 100 addresses control approximately 83.29% of the total supply, while the top 5 alone account for roughly 57.7%.
That is a significant concentration of supply.
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