As Shiba Memu Token thrives, bond rout hits stocks, crude oil.
The bond market continued its sell-off as traders awaited the upcoming US non-farm payrolls (NFP) data. The 30-year Treasury yield rose to 4.90% on Thursday, while the 10-year rose to 4.80%. As a result, US stocks retreated, with the Dow Jones and Nasdaq 100 indexes shedding a few points.
Cryptocurrencies have fared very well in the ongoing bond market, with the total market cap of all coins remaining at $1.09 trillion. Tokens such as Toncoin, Trust Wallet and Aave jumped more than 5 percent while Bitcoin stayed above $27,000. Other top performers were coins like ThorChain, Cardano and Stacks.
Shiba Memu, Shiba Inu and Dogecoin are also on the rise. The data shows that investors have invested more than $3.65 million in the ongoing token sale, which you can participate in here.
US NFP data forward
The bond market has a significant impact on other assets such as commodities, stocks and cryptocurrencies. In most cases, bond sales, which lead to higher yields, push more people into short-term bonds and bills. Looking closer, short-term bonds are now yielding more than 5%.
As a result, rising bond yields signal a sharp decline, which explains why key commodities like crude oil and soybeans have fallen over the past few weeks. After rising to $95 in September, Brent fell to $84, while copper hit its lowest level in months.
Therefore, the market will react to the Non-Farm Payroll (NFP) data from the United States. Economists expect the data to show more than 160k jobs were added in September, after 189k added last month.
The key data to be observed is wage growth, which affects the country's inflation. Therefore, stronger wage growth is likely to lead to higher bond yields and the US dollar index, while stocks and commodities pull back.
The Shiba Memu Token Sale continues.
Meanwhile, the Shiba Memu continues to rise with the current bond selloff. The developers have raised more than $3.65 million from creatives in the past few months and are getting close to their target.
For starters, Shiba Memu is a new cryptocurrency that combines two big themes this year. First, he wants to disrupt the meme coin industry, which has seen the success of Pepe. Second, the token aims to revolutionize the artificial intelligence industry that came to life following ChatGPT's success.
Shiba Memu buyers hope to ride the Shiba Memu wave when the developers finally list on key exchanges. Most of them saw Pepe become a millionaire a few months ago and now they are looking to repeat this success.
Shiba Memu is different from Pepe and Shiba Inu because the developers intend to include utility in the ecosystem. You can read about it in this white paper.
Still, like all tokens, investing in tokens has its own risks and as such it is always advised to exercise caution in the process. For example, you should only invest money that you can comfortably lose.
