Shiba Inu (SHIB) rose 6.76% on Thursday, but the meme coin trailed behind a market-wide rally that saw larger assets post double-digit gains. The total crypto market value reached approximately $2.34 trillion, marking a 9.32% increase above the previous day's low.
Broader market movements were triggered by a surge in major cryptocurrencies. Bitcoin added 8.1% over a 24-hour period to trade at $69,515, while Ethereum jumped 17.8% to reach $2,251. The market momentum followed Bitcoin reclaiming $70,000 after a government purchase proposal was floated, alongside $1.23 billion in short positions liquidating within an hour.
Smaller and peer assets also outperformed Shiba Inu during the session. Solana gained 10.2% and fellow meme coin Pepe climbed 13.8%. Meanwhile, Dogecoin rose 6.8%, moving in near lockstep with SHIB without any comparable social media campaign.
The official Shiba Inu project account credited the token's bounce to community posting, claiming that bears "chose cardio." However, market correlation suggests SHIB largely followed Bitcoin's trajectory, maintaining a pattern observed throughout the year.
Despite the daily green candle, longer-term metrics show SHIB trading down 61.2% compared to the previous year at $0.00000477, sitting roughly 94% below its October 2021 peak of $0.00008616. 24-hour trading volume stood at approximately $104 million for the 33rd-largest crypto asset, while network data showed that earlier summer Shibarium activity fell and a six-month high in token burns failed to impact the price.
