Bond markets sold off again as traders awaited the upcoming United States non-farm payrolls (NFP) report. The 30-year Treasury yield climbed 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 each slipping a few points.
Cryptocurrencies held up relatively well amid the ongoing bond-market pressure, and the total market capitalization of all coins remains around $1.09 trillion.
Bitcoin stayed steady above $27,000, while tokens such as Toncoin, Trust Wallet Token, and Aave jumped more than 5%. Other notable performers included ThorChain, Cardano, and Stacks.
Shiba Memu, a meme coin aiming to challenge Shiba Inu and Dogecoin, is gaining momentum. Data indicate investors have committed more than $3.65 million to its ongoing token sale, which you can participate in here.
U.S. NFP data ahead
Bond markets have a broad influence on other asset classes, including commodities, equities, and cryptocurrencies. In many cases, selling in government bonds pushes yields higher, which drives money into short-term bills and commercial paper. Currently, yields on some short-term government instruments have risen above 5%.
Rising bond yields can signal an economic slowdown, which helps explain why major commodities such as crude oil and soybeans have weakened in recent weeks. After reaching $95 in September, Brent crude has fallen back toward $84, while copper has slid to multi-month lows.
Markets are therefore sensitive to the incoming U.S. non-farm payrolls figures. Economists expect the report to show payrolls rose by roughly 160,000 jobs in September, down from August’s 189,000 gain.
The key metric to watch is wage growth, which feeds directly into inflation. Stronger wage gains would likely push bond yields and the U.S. dollar index higher, while weighing on stocks and commodity prices.
Shiba Memu token sale continues
Meanwhile, Shiba Memu’s token sale has maintained momentum despite challenging market conditions. Developers say they have raised more than $3.65 million from early backers in recent months and are approaching their funding target.
Shiba Memu is a new cryptocurrency that taps into two major trends this year. First, it targets the meme-coin sector that produced notable winners such as Pepe. Second, the token aims to incorporate artificial intelligence features that have become widely discussed since the rapid rise of ChatGPT and other AI tools.
Supporters hope to ride the Shiba Memu wave when developers list the token on major exchanges. Many early investors point to prior meme-coin rallies that created large gains for some participants and are seeking a similar outcome.
Shiba Memu differs from Pepe and Shiba Inu in that its team plans to build utility into the project’s ecosystem. More details are available in the project’s whitepaper.
As with any token investment, risks are significant. Investors should exercise caution and only commit funds they can afford to lose.