Main navigation

SHIB, BONK, WIF's Sudden Price Jumps; What's Behind Them?

Advertisement
Fri, 3/05/2024 - 15:51
SHIB, BONK, WIF's Sudden Price Jumps; What's Behind Them?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

The cryptocurrency market has recently seen a substantial price increase in several tokens, including Shiba Inu (SHIB), Bonk (BONK) and Dogwifhat (WIF). 

Advertisement

This surprising rally follows weaker-than-expected April jobs data, prompting speculators to shift their bets into riskier assets, including cryptocurrencies. 

Nonfarm payrolls grew by 175,000 in April, falling short of the Dow Jones consensus projection of 240,000. The unemployment rate rose to 3.9%, defying forecasts that it would remain at 3.8%. A broader jobless rate edged up to 7.4%, the highest level since November 2021.

Following the news, traders priced in a high probability of two interest rate cuts before the end of 2024.

Shiba Inu price action

Dog-themed cryptocurrency Shiba Inu (SHIB) rose by 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 advances since May 1. 

The token's market capitalization has risen, indicating a larger recovery on the cryptocurrency market. The price increase also coincides with the completion of the Shibarium hard fork.

Related

Shiba Inu layer 2 Shibarium has completed its hard fork at block height 4504576, which will usher in lightning-fast transactions and predictable gas prices.

BONK's price action

Solana dog coin Bonk (BONK) initiated 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 the broader crypto market. 

At the time of writing, BONK was up 12.41% in the last 24 hours to $0.000028 and is set to mark its third consecutive day of gains. 

WIF price action

Dogwifhat (WIF), a meme coin based on Solana, has also seen a price increase, rising 9% in the last 24 hours to trade at $2.94 as of press time. WIF began a rebound 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 listing news, the Kraken crypto exchange has listed new margin pairs for WIF alongside Shiba Inu on its advanced trading platform. 

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD