Shiba Inu Trails Market Gains Amid Government Purchase and Short Position Liquidation

Shiba Inu's price rose 6.76% on Thursday, but it trailed behind other major cryptocurrencies in market gains.

The project's official account claimed credit for the bounce, stating that bears 'chose cardio' and abandoned their positions rather than defend them.

However, broader market flows suggest otherwise.

Total crypto market value reached around $2.34 trillion on Thursday, approximately 9.32% above the previous day's low.

Bitcoin reclaimed $70,000 after President Donald Trump floated a sizable government purchase, and $1.23 billion in short positions were liquidated within an hour.