According to latest reports, Shiba Inu rose 6.76% on Thursday despite trailing the broader market rally that lifted Ethereum by 17.8% and Bitcoin by 8.1%. The memecoin's price action occurred as the total crypto market value reached roughly $2.34 trillion, representing a 9.32% increase from the previous day's low. Dogecoin, the largest meme coin by market value, also rose 6.8%, with the two dog tokens moving almost in lockstep without comparable posting campaigns behind DOGE. This performance comes after Shiba Inu's Social Dominance has been rising since August 16, reaching 0.00000477 at the time of writing, though the token continues to trade 61.2% lower than a year ago.
Despite the recovering social dominance and recent price gains, SHIB's Open Interest has been falling and was near ₹30.1 million at press time, representing a significant decline from levels above ₹34 million earlier. This decrease in leveraged positions is peculiar given the increased attention, as traders and investors typically open new positions during periods of heightened social activity. The Aggregated Funding Rate remained positive, providing a small edge to long position holders, but when combined with falling open interest, this indicates only slight optimism in the market. The liquidity remains modest with roughly $104 million changing hands over 24 hours, a figure that represents a modest trading volume for the 33rd-largest crypto asset.
At the time of writing, SHIB was trading near ₹0.00000477, with the RSI at around 46.3, still below the neutral 50-level. The DMI readings were closely grouped, indicating neither buyers nor sellers have a particularly strong advantage. This technical setup suggests that while SHIB has the attention of traders, the confidence needed for sustained bullish momentum is still missing from the market structure. The token's trading volume remains modest compared to its market position, with the 61.2% decline from a year ago and the price still roughly 94% below its October 2021 peak of $0.00008616 highlighting the significant distance from previous highs.
According to reports from AMBCrypto, Shiba Inu experienced strong short-term bullish momentum on Friday, with an uptick in spot and speculative demand. Open Interest on SHIB positions rose from $46.54 million the day before to $52.79 million, representing a 13.4% increase as reported by Coinglass. This speculative volume flood was accompanied by an uptick of 4.03%, with spot demand for the memecoin remaining steady as noted by Coinalyze's data. However, the latest performance shows that Shiba Inu has largely followed Bitcoin through 2026, with the current rally triggered by Bitcoin reclaiming $70,000 after President Trump floated a government purchase and $1.23 billion in short positions liquidated within an hour.
As reported by AMBCrypto, the current market setup presents a mixed picture for Shiba Inu. While the token has recovered social dominance and gained attention, the decline in open interest suggests traders aren't aggressively positioning despite positive funding rates. A Bitcoin rally bolstering altcoin market sentiment would be the less likely scenario for SHIB, with a price move past ₹0.00000518 needed to shift its short-term bias bullishly again. The latest performance indicates that the session says more about broad risk appetite than about community sentiment, with Shiba Inu price action following the wider market for most of this year. The coming sessions should show whether Shiba Inu can lead rather than follow, with BeInCrypto's August price prediction flagging $0.00000548 as the ceiling that rejected the token last month.
