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

Recent surges in the cryptocurrency market have caught the attention of traders, particularly with tokens like Shiba Inu (SHIB), Bonk (BONK), and Dogwifhat (WIF) experiencing notable price hikes. Analysts attribute this phenomenon to weaker-than-expected April job data, which prompted investors to flock to riskier assets such as cryptocurrencies.

Crypto Bulls Run: SHIB, BONK, and WIF Surge Amid Economic Uncertainty

According to U.Today, several tokens on the cryptocurrency market have recently enjoyed significant price increases, including Shiba Inu (SHIB), Bonk (BONK), and Dogwifhat (WIF).

This unexpected increase follows weaker-than-expected April job data, which pushed speculators to transfer their wagers to riskier assets like cryptocurrency.

Nonfarm payrolls increased by 175,000 in April, shortening the Dow Jones expectation of 240,000. The unemployment rate rose to 3.9%, defying forecasts that it would remain at 3.8%. A broader jobless rate increased to 7.4%, the highest since November 2021.

Following the news, traders predicted two interest rate cuts before 2024.

Shiba Inu Price Action

The dog-themed cryptocurrency Shiba Inu (SHIB) increased 8% following the data release. At the time of writing, SHIB had risen 5.88% in the last 24 hours to $0.00002382. If Shiba Inu closes higher today, it will be the third straight day of gains since May 1.

The token's market capitalization has increased, signaling a more robust recovery in the cryptocurrency market. The price increase also corresponds to the conclusion of the Shibarium hard fork.

Shiba Inu layer 2 Shibarium has completed its hard fork at block height 4504576, ushering in lightning-fast transactions and consistent gas costs.

BONK's Price Action

Solana dog coin Bonk (BONK) began a bullish reversal from its lows of $0.00002062 on May 1. The asset is currently recovering, buoyed by a wave of bullish momentum in the broader crypto market.

BONK was up 12.41% in the last 24 hours to $0.000028 as of this writing, and it is on track to post its third consecutive day of gains.

WIF Price Action

Dogwifhat (WIF), a meme coin based on Solana, has also had a price surge, up 9% in the last 24 hours to $2.94 as of press time. WIF began to recover from its lows of $2.29 on May 1 and has remained bullish since.

If today's closing price is favorable, WIF will have gained three days. The great news is that the Kraken cryptocurrency exchange added margin pairs for WIF and Shiba Inu to its advanced trading platform.

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