Here’s why Bonk and Happy Cat prices have gone parabolic

Solana meme coins Bonk, Happy Cat, and Peanut the Squirrel were among the best-performing cryptocurrencies on November 13.

Peanut the Squirrel (PNUT) token increased by 300% in the last 24 hours, increasing its market value to over $1.6 billion.

Bonk (BONK), the OG of Solana meme coins, increased by 33%, while Happy Cat (HAPPY) increased by 41%. The two are valued at $2.6 billion and $113 million respectively.

The rise of these coins accelerated after the US released October inflation numbers that met analyst forecasts. The headline Consumer Price Index rose to 2.6%, while core CPI remained unchanged at 3.3%.

As inflation remains stubbornly above 2.0%, analysts expect the Fed to maintain its dovish tone in upcoming meetings. This is because the bank is entirely focused on the labor market, which has deteriorated over the past few months.

Bitcoin rally boosts Bonk and Happy Cat

Bonk and Happy Cat prices also jumped due to the ongoing cryptocurrency rally, with Bitcoin (BTC) hovering around $90,000. Analysts believe that it will be a matter of time before BTC makes a strong comeback and reaches the $100,000 resistance level. One of the catalysts for this is that investors are still buying spot Bitcoin ETFs, and the iShares Bitcoin ETF has reached $40 billion in assets.

Meme coins often perform well when Bitcoin is in a strong bull run due to their cheaper prices, making them more attractive investments. For example, in most cases, an investor who buys $10,000 worth of Bonk or Happy Cat will earn a better return than an investor who spends the same amount on Bitcoin.

Meanwhile, the volume of these meme coins is still increasing. Bonk’s 24-hour volume was $2.8 billion; this was well above its $2.7 billion market cap. Futures open positions reached a record level, reaching over $27 million.

Happy Cat’s 24-hour volume also reached over $25 million; This trend may continue when listed on major exchanges. The majority of its volume occurred on popular Solana DEX networks such as Raydium, Orca, and Meteora.

There is a possibility that these meme coins will continue to rise, especially after the recent election of Donald Trump. Trump has promised to make the US the crypto capital of the world by focusing on friendly regulations.