Shiba Inu's Price Plummets 4.9% Amid Weak US Jobs Data

Shiba Inu's price dropped 4.9% in a single day, following weak US jobs data from the Bureau of Labor Statistics. The report showed the US economy added just 29,000 jobs in September, missing the 90,000 forecast by markets. Unemployment climbed to 4.2%, above the expected 4.1%. This data sent shockwaves through the crypto market, with Bitcoin falling as much as 2% to $84,579.91.

Shibburn data shows that the burn rate of SHIB surged 16,121.79% in a day, with 2,801,665 tokens burned. Additionally, ShibSwap's DEX volume on DeFiLlama grew eightfold in three weeks, suggesting that on-chain activity is increasing despite the price drop.

However, the price of SHIB is likely to remain volatile until the wider market digests the jobs data. A weaker labor market can push the Federal Reserve towards rate cuts, which may help risk assets like crypto recover over time.