Meme coins Solana Bonk, Happy Cat and Peanut the Squirrel were among the best performing cryptocurrencies on November 13.
Peanut the squirrel (PNUT) the token surged 300% in the last 24 hours, taking its market cap to over $1.6 billion.
Good (BONK), the OG of meme pieces Solana, jumped 33%, while Happy Cat (HAPPY) jumped 41%. Both have a valuation of $2.6 billion and $113 million, respectively.
The rise of these coins accelerated after the United States released October inflation figures that met analysts’ forecasts. The overall consumer price index rose to 2.6%, while the core CPI remained unchanged at 3.3%.
Even though inflation has remained stubbornly above 2.0%, analysts expect the Federal Reserve to maintain a dovish tone at future meetings. The reason is that the bank is entirely focused on the labor market, which has deteriorated in recent months.
Bitcoin’s rise boosts Bonk and Happy Cat
Prices of Bonk and Happy Cat have also surged due to the ongoing rally in cryptocurrencies, with Bitcoin (BTC) hovering around $90,000. Analysts believe that it will only be a matter of time before BTC makes a strong comeback and hits the $100,000 resistance level. One catalyst is that investors are still purchasing Bitcoin ETFs in cash, with the iShares Bitcoin ETF. reach $40 billion in assets.
Meme coins often perform well when Bitcoin is in a strong uptrend 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 get better returns than an investor who spends the same amount on Bitcoin.
Meanwhile, the volume of these very coins continues to increase. Bonk had 24-hour volume of $2.8 billion, well above its market cap of $2.7 billion. Its futures open interest reached an all-time high of over $27 million.
Happy Cat’s 24-hour volume also climbed to over $25 million, a trend that could continue when it is listed on major exchanges. Most of its volume was occurring on popular Solana DEX networks like Raydium, Orca, and Meteora.
It is likely that these meme coins will continue to rise, especially after the recent election of Donald Trump. Trump has promised to make the United States the crypto capital of the world by focusing on friendly regulations.