Shiba Inu Grapples with Key Support Level Amid Large Circulation Supply

Shiba Inu is attempting to hold above a key technical support level near $0.00000447, where it intersects with its 200-period exponential moving average.

The trendline has been supporting SHIB's price, but the altcoin's circulation supply remains its largest structural issue, standing at 589.24 trillion tokens as of late July 2026.

Token burns have increased recently, but they are still only amounting to millions of SHIB per day rather than billions, and may not be enough to make a significant dent in the circulating supply.

The project's ecosystem has expanded beyond SHIB with the inclusion of BONE, LEASH, and TREAT tokens, as well as the development of Shibarium, which has seen over 1.56 billion transactions but lacks current activity.