The cryptocurrency market has recently seen a substantial price increase in several tokens, including Shiba Inu (SHIB), Bonk (BONK), and Dogwifhat (WIF).
The cryptocurrency market has recently seen a substantial price increase in several tokens, including Shiba Inu (SHIB), Bonk (BONK), and Dogwifhat (WIF).
This surprising rally follows weaker-than-expected April employment data, prompting speculators to shift their bets toward riskier assets, including cryptocurrencies.
Nonfarm payrolls grew by 175,000 in April, below the Dow Jones consensus projection of 240,000. The unemployment rate rose to 3.9%, defying forecasts that it would remain at 3.8%. The broader unemployment rate rose to 7.4%, the highest level since November 2021.
Following the news, traders estimated a high probability of two interest rate cuts before the end of 2024.
Shiba Inu Price Action
The dog-themed cryptocurrency Shiba Inu (SHIB) rose 8% following the data release. At the time of writing, SHIB was up 5.88% in the last 24 hours to $0.00002382. If Shiba Inu ends higher today, it will be the third consecutive day of gains since May 1.
The market capitalization of the token has increased, indicating further recovery in the cryptocurrency market. The price increase also coincides with the completion of the Shibarium hard fork.
Shiba Inu layer 2 Shibarium has completed its hard fork at block height 4504576, which will usher in ultra-fast transactions and predictable gas prices.
BONK Price Action
The Solana dog coin Bonk (BONK) began a bullish reversal from lows of $0.00002062 on May 1. The asset is currently on a recovery path, riding a wave of bullish momentum sweeping across the crypto market.
At the time of writing, BONK was up 12.41% over the past 24 hours to $0.000028 and is on track to mark its third consecutive day of gains.
WIF Price Action
Dogwifhat (WIF), a Solana-based meme coin, has also seen a price surge, rising 9% in the last 24 hours to trade at $2.94 at the time of this publication. WIF began to recover from its lows of $2.29 on May 1 and has maintained bullish momentum.
If today closes in green, WIF will mark its third day of gains. In positive trading news, crypto exchange Kraken has listed new margin pairs for WIF along with Shiba Inu on its advanced trading platform.