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Highlights
- Shiba Inu price is down 12% today as the Israel-Iran conflict triggers a sell-off across the crypto market.
- Amid this drop, SHIB whales holding at least $100,000 worth of SHIB have scooped 500 billion tokens.
- 72% Binance traders are also betting on recovery as they open long positions on the 1000SHIB/USDT contract.
Shiba Inu (SHIB) is under bearish pressure as Bitcoin, Ethereum, and most cryptos edged lower on June 13 following the Israel-Iran conflict. Shiba Inu price shed 12% of its value as the bearish sentiment across the crypto market intensified, with trading volumes, likely from sellers, hitting $343 million. However, whale addresses holding more than $100,000 worth of SHIB and Binance traders remain bullish on the meme coin.
Shiba Inu Price Plunges 12% to 2-Month Low
In the last 24 hours, Shiba Inu price has declined from a daily high of $0.0000128 to a daily low of $0.0000114. At its current price of $0.000017, SHIB trades at the lowest level in nearly two months.
Bears threaten to cause a further crash in the price of this top meme coin as the crypto market sentiment turns to fear because of a selloff in risk assets. As demand dries up when the supply coming from sellers increases, there is a likelihood of further declines happening.
A recent CoinGape analysis noted that the Shiba Inu price risks a 35% crash despite a spiking burn rate after it fell below the 50-day moving average. This drop below the short-term MA indicates that bears are taking control.
On the derivatives market front, there was more evidence of a bearish outlook. Open interest had declined by 17% to $141 million as long liquidations topped $787,000 in 24 hours per Coinglass data.
However, despite Shiba Inu price forming lower lows, two cohorts of traders remain bullish. These include whales and futures traders on Binance.
SHIB Whales Scoop 500B Tokens in 24 Hours
Shiba Inu whales appear unfazed by the ongoing price decline after they accumulated 500 billion tokens within 24 hours. Data from IntoTheBlock highlights this accumulation as the addresses holding more than $100,000 SHIB recorded positive netflows after a recent selloff.
As the data above shows, the holdings of this cohort have surged from -246 billion to 250 billion. The 500 billion tokens accumulated during the last 24 hours are worth more than $8.5 million.
Whale accumulation often marks a local bottom, as these traders scoop more tokens at low prices as they anticipate an upward trend. If the accumulation continues, the buy-side pressure from these whales could absorb the sold coins and prevent a SHIB price drop below $0.000010.
Binance Traders Remain Bullish
Binance traders are also bullish towards Shiba Inu price despite the current headwinds. The bullish bias is depicted in the long/short ratio that has surged to the highest level in nearly three weeks. The metric shows that 72% of traders on the exchange have opened a long position on the 1000SHIB/USDT contract.
This ratio hints that traders anticipate the current dip to be a temporary correction caused by panic selling, after which SHIB price may rebound. However, such a surge during a price decline could signal caution as a buildup of long positions during price weakness increases the likelihood of a long squeeze that will trigger a downtrend.
In summary, Shiba Inu price has dropped by 12% in the last 24 hours, as the broader market selloff triggers long liquidations and causes buyer hesitance. However, whales and Binance traders remain bullish towards SHIB as they anticipate a recovery.
As volatility impacts SHIB’s short-term moves, this long-term Shiba Inu price forecast shows how the meme coin will perform between 2025 and 2030.
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