Shiba Inu Coin (SHIB) has been under bearish pressure recently as Bitcoin (BTC), Ethereum (ETH), and most cryptocurrencies fell on June 13th due to the conflict between Israel and Iran. Shiba Inu Coin lost 12% of its value and recovered slightly to $0.00001182 by the evening. As bearish sentiment in the crypto market intensified, sellers' trading volume reached $343 million. However, whale addresses holding more than $100,000 or more of Shiba Inu Coin and Binance traders remain bullish on the meme coin.

In the past 24 hours, Shiba Inu Coin's price fell from $0.0000128 to a low of $0.0000114, and its trading level is the lowest in nearly two months. Market sentiment further caused the price of this top meme coin to collapse as the crypto market continues to sell off such high-risk assets. When the supply from sellers increases, demand decreases and the possibility of further decline increases. Despite the surge in Shiba Inu Coin’s burn rate, its price is still at risk of a 35% drop as it has fallen below its 50-day moving average. This break below the short-term moving average shows that bears are in control.

On the other hand, open interest has decreased by 17% to $141 million, while long positions have exceeded $787,000 in 24 hours, according to Coinglass data. However, even though Shiba Inu Coin’s price has formed lower lows, two groups of traders remain optimistic. These include some whales and futures traders on Binance.

Shiba Inu Coin whales seem unfazed by the continued price drop, accumulating 500 billion tokens in 24 hours. According to data from IntoTheBlock, addresses holding more than $100,000 in Shiba Inu Coin have recently recorded positive inflows, increasing the group’s holdings to 250 billion.

The 50 billion tokens accumulated in the past 24 hours are worth more than $8.5 million. These movements reflect that these whales continue to buy more tokens at low prices in anticipation of an upward trend. If the accumulation continues, the buying pressure caused by these whales may absorb the sold coins and prevent its price from falling below $0.000010.

Binance traders remain optimistic about the price of Shiba Inu Coin despite some of the current headwinds. This bullish view is reflected in the long/short ratio, which has risen to its highest level in nearly 3 weeks. The indicator shows that 72% of traders have opened long positions on the contract on this exchange. This ratio suggests that traders expect the current decline to be just a temporary correction caused by panic selling, after which the price of Shiba Inu Coin may rebound.

In summary, the decline in the price of Shiba Inu Coin in the past 24 hours was triggered by the broader market sell-off that triggered long liquidation and caused hesitation in buying. However, whales and Binance traders remain bullish on Shiba Inu Coin as they expect a rebound.