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Following
SHIB SHIB holds the support of key trend lines, and buyers actively defend in the 200-cycle EMA area. Falling exchange reserves provided support for bullish sentiment, despite a slowdown in token destruction. If support can be held, it is expected to rebound towards higher Fibonacci resistance levels.
Buyers defend key support, supply concerns remain
On July 28, 2026, the trading price of SHIB was approximately US$0.00000460, with a market value of approximately US$2.73 billion. Daily trading volume remained between US$160 million and US$170 million, indicating that market participation remained stable despite limited price volatility. The current market focus is concentrated around the uptrend line and the 200-cycle index moving average (approximately US$0.0000447). If this support can be successfully held, it will enhance traders 'confidence in a new round of upward momentum.
A rebound from support again will further consolidate the overall recovery structure, which remains intact despite recent weakness. However, once this level is lost, market momentum may turn to sellers again, increasing the risk of further declines. Long-term supply issues remain one of the biggest obstacles facing SHIB. The project was launched in August 2020 with an initial supply of 1000 trillion coins.
Half of this goes into the Uniswap liquidity pool, and the rest goes to Ethereum co-founder Vitalik Buterin. In May 2021, Buterin permanently removed 410 trillion SHIBs through a historic token destruction. This single incident still accounts for almost all destroyed tokens. As of the end of July 2026, more than 410.84 trillion SHIBs have been withdrawn from circulation, accounting for more than 41% of the initial supply. Even if this milestone is reached, there are still approximately 589.24 trillion coins in circulation.
Exchange reserves fall, SHIB holds on to key technical levels
Despite slowing destruction, another indicator on the chain is still providing support for bullish arguments. Exchange reserves have fallen to a historical low of approximately 86 trillion SHIBs, accounting for only approximately 14.6% of the circulating supply. Fewer tokens deposited on centralized exchanges often mean fewer assets that can be sold immediately, thereby reducing immediate selling pressure. Falling exchange balances also indicate that many holders prefer to keep their tokens in personal wallets rather than trading platforms, a behavior that often reflects increased investor confidence over the long term. However, the decline in reserves itself does not guarantee an increase in prices, and holders may transfer assets back to the exchange at any time based on market changes.
Internet participation is also worth paying attention to. Shiba Inu currently has approximately 3.06 million wallet addresses, a number that shows a significant increase in the size of the community. However, active usage is far more important than the total wallet. Only healthy trading activities and expanding ecosystem participation can create stronger support for long-term value, rather than simply passive holding.
