Shiba Inu coin is currently under bear market pressure, as Bitcoin, Ethereum, and most cryptocurrencies dropped on June 13 due to the conflict between Israel and Iran. Shiba Inu coin once lost 12% of its value, slightly recovering to $0.00001182 by the evening. As bear market sentiment in the crypto market intensifies, the trading volume from sellers reached $343 million. However, addresses holding over $100,000 worth of Shiba Inu coin, as well as Binance traders, still maintain an optimistic sentiment towards this meme coin.
Shiba Inu coin hit a two-month low
In the past 24 hours, the price of Shiba Inu coin dropped from $0.0000128 to a low of $0.0000114, marking the lowest trading level in nearly two months. Market sentiment further led to the collapse of this top meme coin's price, as the crypto market continues to sell off such high-risk assets. When supply from sellers increases and demand decreases, the likelihood of further declines grows. Despite a surge in the coin burning rate for Shiba Inu, its price still faces a 35% risk of decline as it has fallen below the 50-day moving average. This breakdown of the short-term moving average indicates that a bear market is taking control.
On the other hand, according to Coinglass data, open contracts decreased by 17%, falling to $141 million, while long liquidations exceeded $787,000 in 24 hours. However, even though the price of Shiba Inu coin has formed lower lows, two groups of traders still hold an optimistic attitude. These include some whales and Binance futures traders.
Whales swept 500 billion tokens in 24 hours
Whales of Shiba Inu coin seem unconcerned by the continuous price drop, accumulating 500 billion tokens in 24 hours. According to IntoTheBlock data, addresses holding over $100,000 worth of Shiba Inu coin recently recorded positive capital inflow, increasing their holdings to 250 billion. The 50 billion tokens accumulated in the past 24 hours are worth over $8.5 million. These trends reflect that these whales are continuously buying more tokens at low prices in anticipation of an upward trend. If the accumulation continues, the buying pressure brought by these whales may absorb the sold coins and prevent the price from dropping below $0.000010.
Binance traders are optimistic about Shiba Inu coin
Binance traders remain optimistic about the price of Shiba Inu coin, despite facing some adverse factors. This bullish sentiment is reflected in the long/short ratio, which has risen to its highest level in nearly three weeks. This indicator shows that 72% of traders on this exchange have opened long positions on contracts. This proportion suggests that traders expect the current decline is merely a temporary correction caused by panic selling, and that the price of Shiba Inu coin may rebound afterward.
In summary, the price drop of Shiba Inu coin in the past 24 hours was triggered by a broader market sell-off that prompted long positions to close and caused hesitation in buying. However, whales and Binance traders remain bullish on Shiba Inu coin, as they anticipate a rebound. $BTC $ETH