Shiba Inu joined Thursday’s broad crypto rally, gaining roughly 7%, but the meme coin underperformed several major assets as traders returned to riskier cryptocurrencies.
SHIB traded around $0.0000047 during the rally, extending its recovery from recent August lows. The move coincided with a sharp market-wide rebound rather than a clear Shiba Inu-specific catalyst. Ethereum surged about 18%, while Solana and XRP posted double-digit gains. Bitcoin also climbed sharply during the session as the overall crypto market recovered.
The performance stands in contrast to an earlier SHIB rally in March, when the token outpaced the wider market as meme-coin demand and derivatives activity accelerated.
SHIB Gains as Crypto Market Risk Appetite Returns
The latest move appears to have been driven primarily by the same forces lifting Bitcoin and Ethereum.
Crypto market capitalization jumped more than 8% during the broader rebound, while a massive liquidation event forced bearish traders to close leveraged positions. Bitcoin's rally was supported by lower long-term Treasury yields following larger U.S. debt buybacks, alongside renewed optimism around crypto policy in Washington.
SHIB benefited from that shift in sentiment but did not lead it. Ethereum gained close to 18%, Solana rose more than 10%, and other speculative assets also recorded stronger advances.
That matters for interpreting Thursday's price action. Meme coins are particularly sensitive to broader risk appetite, and previous meme coin rallies have similarly accelerated when macro conditions encouraged traders to take on more risk.
Shibarium Activity Improves, but Remains Modest
There have been some positive developments inside the Shiba Inu ecosystem.
Shibarium processed about 4,480 daily transactions on Aug. 9, a 507% increase from the previous day's 738 transactions and its highest activity in roughly a month. However, decentralized exchange volume and total value locked remained very small, limiting the significance of the jump.
Token burns have also remained a focus for holders. More than 3.2 billion SHIB were removed from circulation during July, a large increase from June, although the amount remains tiny relative to SHIB's circulating supply of roughly 589 trillion tokens.
The burn mechanism has long been part of the SHIB ecosystem, but recent price action shows that broader market liquidity still has a much larger short-term influence.
