The bond market resumed selling as traders awaited upcoming U.S. non-farm payroll (NFP) data. The 30-year Treasury yield rose to 4.90% on Thursday while the 10-year yield climbed to 4.80%. As a result, U.S. equities pulled back, with the Dow Jones and Nasdaq 100 indexes each losing ground.
Cryptocurrencies have held up relatively well despite the ongoing bond sell-off, with the overall market capitalization of all coins remaining around $1.09 trillion. Bitcoin stayed comfortably above $27,000, while tokens such as Toncoin, Trust Wallet and Aave jumped more than 5%. Other strong performers included ThorChain, Cardano and Stacks.
Shiba Memu, a meme token aiming to challenge Shiba Inu and Dogecoin, is also thriving. Data show investors have poured over $3.65 million into its ongoing token presale, which you can participate in here.
U.S. NFP Data Ahead
The bond market has a major influence on other asset classes including commodities, stocks and cryptocurrencies. In many cases, a bond sell-off—pushing yields higher—encourages more investors to short bonds or adjust allocations. A closer look shows short-term Treasuries are now yielding over 5%.
Rising bond yields can signal growing recession risk, which helps explain why key commodities like crude oil and soybeans have declined in recent weeks. After climbing to $95 per barrel in September, Brent crude has dipped to around $84, while copper has fallen to its lowest levels in months.
Markets will therefore react to the forthcoming U.S. NFP report. Economists expect the data to show the economy added just over 160,000 jobs in September, down from 189,000 in the prior month.
A critical metric to watch will be wage growth, which affects inflation momentum. Stronger wage gains would likely push bond yields and the U.S. dollar index higher, while equities and commodities could pull back.
Shiba Memu Presale Continues
Meanwhile, Shiba Memu has continued to attract investor interest during the current bond sell-off. Developers have raised more than $3.65 million from contributors over recent months and are rapidly approaching their funding target.
Shiba Memu is a new cryptocurrency that blends two of this year’s dominant themes. First, it seeks to disrupt the meme-coin sector, which recently produced notable winners like Pepe. Second, the token aims to incorporate elements of the booming artificial intelligence sector, which gained prominence following the success of ChatGPT.
Buyers of Shiba Memu hope to capitalize on the momentum when developers list the token on major exchanges. Many early supporters saw others become Pepe millionaires and are now trying to replicate that success.
Shiba Memu differs from Pepe and Shiba Inu in that the developers emphasize utility within the token’s ecosystem. Details on these plans are outlined in the project’s whitepaper.
As with any token investment, risks remain. Investors should exercise caution and only commit funds they can afford to lose.