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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 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.
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.