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BTC 
ETH 
SHIB 
SOL 
XRP SHIB followed the crypto market's rebound, but gained less than the mainstream currency
Shiba Inu (SHIB) rose about 7% in Thursday's general rise in the crypto market, but the memin's gains still lag behind some major assets as traders refocused on riskier cryptocurrencies. During the rally, SHIB traded at around US$0.000047, continuing a recovery trend since an August low. This increase is driven more by the overall recovery of the market than by the clear positive factors of Shiba Inu itself. Ethereum surged about 18%, Solana and Ripple (XRP) both recorded double-digit gains, and Bitcoin also climbed sharply in the overall recovery of the crypto market.
This performance is in sharp contrast to the rise in SHIB in March this year. At that time, driven by demand for memes and accelerated derivatives trading, the token's gains far exceeded the broader market.
Crypto market risk appetite rebounds, and SHIB strengthens simultaneously.
The latest round of gains seems to be driven mainly by the same factors that drove Bitcoin and Ethereum to rise. During the overall rebound, the total market value of cryptocurrencies jumped more than 8%, while massive liquidation events forced short traders to close their leveraged positions. Bitcoin's rise was due to lower long-term Treasury bond yields after a massive U.S. Treasury bond buyback and renewed market optimism about Washington's cryptocurrency policy. SHIB benefited from this shift in sentiment but did not lead the market. Ethereum gained nearly 18%, Solana gained more than 10%, and other speculative assets also recorded stronger gains.
The difference is crucial to understanding Thursday's price movements. Memoin is particularly sensitive to overall risk appetite. Previously, the rise in memoin has accelerated when the macro environment encourages traders to take on more risks.
Shibarium activity has increased, but remains low
There have been some positive developments in the Shiba Inu coin ecosystem. On August 9, the Shibarium Network processed approximately 4480 daily transactions, an increase of 507% from 738 transactions the previous day, setting the highest level of activity in nearly a month. However, trading volumes and total lockings on decentralized exchanges remain extremely small, limiting the significance of this growth. The token destruction mechanism remains the focus of attention for holders. In July, more than 3.2 billion SHIB coins were removed from circulation, a significant increase from June, but this amount is still negligible compared to the circulation supply of approximately 589 trillion SHIB coins. Although the destruction mechanism has long existed in the SHIB ecosystem, recent price trends suggest that broader market liquidity still has a much greater impact in the short term.
