The bond market resumed its sell-off as traders awaited upcoming U.S. nonfarm payrolls (NFP) data. The yield on 30-year Treasuries jumped to 4.90% on Thursday, while the 10-year yield rose to 4.80%. As a result, U.S. equities retreated, with the Dow Jones and Nasdaq 100 slipping modestly.
Cryptocurrencies held up relatively well amid the bond market turmoil, with the total market capitalization of all coins remaining around $1.09 trillion. Bitcoin stayed steady above $27,000, while tokens such as Toncoin, Trust Wallet, and Aave climbed more than 5%. Other notable gainers included ThorChain, Cardano, and Stacks.
Meme token Shiba Memu also saw strong interest as it attempts to challenge Shiba Inu and Dogecoin. Data show investors have poured over $3.65 million into the ongoing token sale, which can be accessed here.
U.S. NFP Data Looms
Bond market moves affect virtually all other asset classes, including commodities, equities, and cryptocurrencies. Typically, a bond sell-off that pushes yields higher encourages investors toward shorter-term instruments. At present, short-term debt is yielding above 5%.
Rising bond yields can signal economic slowdown risks, which helps explain why key commodities like oil and soybeans have weakened in recent weeks. After Brent crude briefly touched $95 in September, prices fell back to around $84, while copper has slid to its lowest levels in recent months.
Markets will therefore be closely watching the upcoming U.S. nonfarm payrolls report. Economists expect the data to show that the economy added more than 160,000 jobs in September, following a gain of 189,000 in the prior month.
Wage growth will be a critical metric to monitor because it directly influences inflation momentum. Stronger-than-expected wage gains would likely push bond yields and the U.S. dollar higher, while placing downward pressure on stocks and many commodities.
Shiba Memu Token Sale Continues
Meanwhile, Shiba Memu continues to gain traction despite the broader bond market sell-off. Developers have raised more than $3.65 million from early contributors in recent months and are moving steadily toward their fundraising targets.
Shiba Memu is a new cryptocurrency that combines two of this year’s biggest market themes. First, it aims to disrupt the meme-coin space that produced viral successes like Pepe. Second, the project seeks to build utility tied to the booming artificial intelligence sector following advances such as ChatGPT.
Buyers of Shiba Memu are betting on exchange listings and broader adoption. Many early investors hope to replicate the rapid gains seen in previous meme-coin rallies.
Unlike Pepe and Shiba Inu, Shiba Memu’s roadmap emphasizes real utility within its ecosystem. More details on the project’s goals and technical approach are available in its white paper.
As with any token investment, Shiba Memu carries risks. Investors should exercise caution and consider allocating only funds they can afford to lose.