Shiba Inu rose 6.76% on Thursday, a solid gain that still lagged a market-wide surge. Ethereum jumped 17.8%, Bitcoin added 8.1%, Solana gained 10.2%, and Pepe climbed 13.8%. Total crypto market value reached about $2.34 trillion, roughly 9.3% above the prior day's low, as risk appetite swept through the asset class.
Bitcoin's breakout pulled the market up
Bitcoin reclaimed $70,000 on Wednesday after President Donald Trump floated a sizable government purchase, and $1.23 billion in short positions were wiped out within an hour. That liquidation cascade set the tone for the session. By Thursday the bid was broad, with large caps and meme coins alike moving higher. SHIB rode the wave too, just not as far as most of its peers.
A laggard even in green
SHIB trades at $0.00000477, down 61.2% from a year ago and roughly 94% below its October 2021 record of $0.00008616. Thursday's 24-hour volume came to about $104 million, a modest figure for the 33rd-largest crypto asset. For most of this year SHIB's price has tracked the wider market rather than leading it. The move on Thursday looked less like community strength and more like a rising tide lifting a boat that has spent months taking on water.
Skeptics haven't gone quiet
The rally hasn't silenced the doubters. In June, trader James Wynn dismissed Shiba Inu as "old and dead" while whales shifted more than a trillion tokens onto exchanges. Activity on Shibarium fell sharply earlier this summer, and a six-month high in token burns failed to move the price. Those pressures haven't reversed. The on-chain picture remains thin, and the token's recent history offers little evidence that a single green day changes the trend.
The team takes credit
The Shiba Inu team claimed credit for the bounce, telling followers that bears "chose cardio" and urging the community to keep posting. The near-term test is a familiar one. BeInCrypto's August price forecast flags $0.00000548 as the ceiling that rejected SHIB last month, a level that now sits roughly 15% above Thursday's price. That's the line to watch.
Whether SHIB clears it depends less on the meme-coin crowd than on the broader tape holding up. The same risk-on wave that lifted it Thursday can fade just as fast, and SHIB has no shortage of overhead supply from the past year of declines.
