The bond market resumed selling as traders awaited upcoming U.S. nonfarm payroll (NFP) data. The 30-year Treasury yield rose to 4.90% on Thursday, while the 10-year climbed to 4.80%. As a result, U.S. stocks retreated, with the Dow Jones and Nasdaq 100 falling modestly.
Cryptocurrencies held up relatively well amid the ongoing bond market moves, with 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 gaining traction. Data show investors have committed more than $3.65 million to the ongoing token sale, which you can join here.
US NFP Data Ahead
The bond market influences virtually all other asset classes, including commodities, equities and cryptocurrencies. Often, a bond sell-off that pushes yields higher draws capital into bonds and short-term bills. Notably, short-term bond yields are now above 5%.
Rising bond yields can signal a potential economic slowdown, which helps explain why key commodities such as crude oil and soybeans have fallen in recent weeks. Brent crude, which rose to $95 in September, has slipped back toward $84, while copper has reached recent multi-month lows.
Markets will react to the upcoming U.S. nonfarm payrolls report. Economists expect the data to show the economy added just over 160,000 jobs in September, following a gain of 189,000 the previous month.
Wage growth will be a key figure to watch, as it affects the inflation trajectory. Stronger-than-expected wage gains would likely push bond yields and the dollar index higher, while pressuring stocks and commodities.
Shiba Memu Token Sale Continues
Meanwhile, Shiba Memu has progressed during the current bond market sell-off. Developers have raised more than $3.65 million from investors in recent months and are quickly approaching their target.
Shiba Memu is positioned as a new cryptocurrency that combines two major trends this year. First, it seeks to disrupt the meme token sector that saw the rapid rise of projects like Pepe. Second, the token aims to integrate features tied to the surge in artificial intelligence interest sparked by tools like ChatGPT.
Buyers of Shiba Memu are hoping to ride the token’s momentum when developers eventually list it on major exchanges. Many investors observed how early participants in Pepe profited and are searching for similar opportunities.
Shiba Memu differentiates itself from Pepe and Shiba Inu by placing emphasis on utility within its ecosystem. Further details about the project’s planned use cases are available in its white paper.
As with any token investment, Shiba Memu carries risks. Investors should exercise caution and only commit funds they can afford to lose.