The bond market resumed selling as traders awaited the upcoming U.S. nonfarm payrolls (NFP) report. The 30-year Treasury yield jumped to 4.90% on Thursday, while the 10-year yield rose to 4.80%. As a result, U.S. stocks pulled back, with the Dow Jones and Nasdaq 100 both losing ground.
Cryptocurrencies held up relatively well amid the sell-off in bonds, 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 Token and Aave gained more than 5%. Other notable performers included ThorChain, Cardano and Stacks.
Shiba Memu, a meme token aiming to challenge Shiba Inu and Dogecoin, is also seeing strong momentum. Data shows investors have contributed over $3.65 million to the ongoing token sale, which you can participate in here.
Upcoming U.S. NFP Data
The bond market has a major influence on other asset classes including commodities, stocks and cryptocurrencies. Often, a bond sell-off that pushes yields higher draws investors toward short-term government securities. A closer look shows short-term bonds are now offering yields above 5% in many cases.
Higher bond yields can signal rising recession risks, which helps explain why key commodities like crude oil and soybeans have plunged in recent weeks. After climbing to $95 in September, Brent crude fell to $84, and copper dropped to its lowest level in months.
Consequently, markets will closely watch the forthcoming U.S. nonfarm payrolls report. Economists expect the economy to have added roughly 160,000 jobs in September, following a gain of 189,000 the prior month.
Wage growth will be a key metric to monitor because it influences the pace of inflation. Stronger wage gains would likely push bond yields and the U.S. dollar index higher, while weighing on equities and commodity prices.
Shiba Memu Token Sale Continues
Meanwhile, Shiba Memu continues to gain traction despite the current bond market volatility. Developers have raised more than $3.65 million from investors in recent months and are rapidly approaching their target.
Shiba Memu is a new cryptocurrency that blends two of this year’s most prominent themes. First, it aims to disrupt the meme-coin space, which recently saw success with tokens like Pepe. Second, the project seeks to marry meme-token appeal with artificial intelligence use cases that gained attention following the rise of ChatGPT.
Backers of Shiba Memu hope to ride the same wave that made early investors in similar tokens wealthy when the project eventually lists on major exchanges. Many buyers are motivated by prior examples of rapid token appreciation and are looking to capture similar upside.
Shiba Memu differs from Pepe and Shiba Inu in that its developers intend to build utility into the ecosystem. More details are available in the project’s white paper.
As with any token investment, risks remain. Potential investors should exercise caution and only invest funds they can afford to lose.