Separately, weekly jobless claims data from the Department of Labor rose more than expected at the end of June, but remain well below pre-pandemic levels. That’s significantly higher than the 220,000 jobs economists predicted, according to Refinitiv. US private sector businesses added an estimated 497,000 jobs, according to payroll processor ADP’s latest National Employment Report released Thursday. The pan-European Stoxx 600 index fell about 2.4% as investors parsed the strong US labor data. PacWest Bank slipped 5.2% and Ke圜orp slipped about 0.9%. JPMorgan Chase fell about 1%, Wells Fargo slid 1.3% and Citigroup declined about 3%. “Every time you see it cross 4%, people are looking for something in the system to break,” said Delevska.īank stocks, which were hammered earlier this year after the collapses of Silicon Valley Bank, Signature Bank and First Republic, also fell Thursday. As the yield rises, so does the cost to borrow for consumers and companies. That has investors worried, since the yield is a benchmark measure of borrowing costs, including for mortgage rates which tend to track the 10-year yield, says Ivana Delevska, founder and chief investment officer at Spear Invest. The 10-year Treasury yield rose above 4%. The 2-year Treasury yield reached as high as 5.113% early Thursday morning, touching its highest level since June 2007, as investors bet that the Fed will keep tightening the economy for longer than expected. The Dow notched its biggest one-day decline since May. The S&P 500 fell 0.8% and the Nasdaq Composite slid 0.9%.Īll three indexes are down for the week. The Dow dropped 366 points, or 1.1%, after falling nearly 500 points earlier in the trading session. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.Stocks tumbled on Thursday after fresh data signaled that the labor market remains piping hot, heightening concerns that the Federal Reserve will raise interest rates for longer than expected. On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. LADYS initially surged 12,056% after Elon Musk’s tweet, but it has since plummeted by 400% and is recommended for selling among meme coins. These wallets have been marked as suspicious due to still holding 131 trillion LADYS, a $15 million value.Ī significant wallet associated with DWF Labs transferred 15.1 trillion LADYS, valued at $2.1 million, to popular crypto exchanges. Lookonchain traced this drop to significant transfers of LADYS from suspicious wallets.Īccording to Lookonchain, 86 wallets transferred a total of 90 trillion LADYS to multiple crypto exchanges causing the price of the meme coin to plummet by 30%. Milady Meme Coin ( LADYS-USD ) has seen a substantial price decline of over 400% in the last month. Pepe is a recent exception, but even its market capitalization has declined back to $600 million.Īt present, Big Eyes Coin has a market cap of $2 million and may encounter difficulties in rebuilding investor trust due to the concerns surrounding its launch. A gain of less than 10x would only surpass the $1 billion milestone, which is relatively low for a meme coin. However, even if Big Eyes Token maintained its market cap without a major sell-off from early profit-seeking buyers, its potential for significant growth would be limited. It’s worth noting that all of these coins had smaller market capitalizations in their early stages before achieving higher valuations. This would have made it the 7th largest meme coin in the market, following Dogecoin, Shiba Inu ( SHIB-USD), Pepe, Floki ( FLOKI-USD), Baby DogeCoin ( BABYDOGE-USD) and Bone Shibaswap ( BONE-USD). However, its price on Uniswap fell below the final presale stage price, leading to frustration among some investors.ĭespite a listing price of $0.0006 and a total supply of 200 billion tokens, the fully diluted market cap valuation of Big Eyes Token would have reached $120 million.
Investors began to have some reservations about the crypto when it took almost a year to launch since the planned release in August 2022.ĭuring the presale, the Big Eyes token had fifteen price moves, including a 600% increase from $0.0001 to $0.0006, attracting early-stage investors to secure profits. The Big Eyes Crypto ( BIG-USD ) presale, initially setting a hard cap of 51.2 million USDT, faced delays and red flags.
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