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

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As a seasoned crypto investor with a knack for spotting hidden gems, I must confess that the recent surge of Solana meme coins like Bonk, Happy Cat, and Peanut the Squirrel has piqued my interest. The 300% jump in Peanut’s value within 24 hours is nothing short of astonishing, especially considering its newfound market cap of over $1.6 billion.

On November 13th, Bonk, Happy Cat, and Peanut the Squirrel were among the top-performing digital currencies in the crypto market.

In the past day, the price of Peanut the Squirrel’s token (PNUT) skyrocketed by an impressive 300%, causing its total market value to soar above $1.6 billion.

Initially coined meme token on the Solana network, BONK experienced a surge of 33%, with its counterpart HAPPY leaping even higher at 41%. Their market capitalizations currently stand at a whopping $2.6 billion for BONK and a significant $113 million for HAPPY.

The pace of these coins’ increase picked up speed following the release of the U.S.’s October inflation figures, which matched predictions by experts. Specifically, the overall Consumer Price Index climbed to 2.6%, whereas the core CPI stayed steady at 3.3%.

Although inflation consistently surpasses 2.0%, financial experts predict that the Federal Reserve will continue to adopt a soft-spoken approach during their upcoming gatherings. This is due to the fact that the bank is solely concentrating on the job market, which has shown signs of weakness over the last few months.

Bitcoin surge boosts Bonk and Happy Cat

The prices of Bonk and Happy Cat, among other items, surged due to the continued rise of cryptocurrencies, particularly Bitcoin (BTC), which was fluctuating near $90,000. Financial experts predict that Bitcoin will soon experience a robust recovery and touch the resistance point at $100,000. One factor fueling this optimism is the ongoing purchase of spot Bitcoin ETFs, with the iShares Bitcoin ETF amassing assets worth $40 billion.

Meme coins tend to thrive during Bitcoin’s robust bullish phases because they have lower prices, making them more enticing investments. Typically, an investor purchasing $10,000 worth of Bonk or Happy Cat could potentially earn higher returns compared to someone investing the same amount in Bitcoin.

Currently, the trading volume for these meme coins continues to climb significantly. For instance, Bonk recorded a 24-hour trading volume of approximately $2.8 billion, which is substantially greater than its market capitalization of around $2.7 billion. Moreover, its futures open interest has reached an all-time high surpassing $27 million.

The trading volume for Happy Cat surged past $25 million within 24 hours, a pattern that might persist once it’s listed on significant stock exchanges. A large portion of this activity is taking place in well-known Solana DEX platforms like Raydium, Orca, and Meteora.

It’s possible that these meme cryptocurrencies could keep increasing in value, given their recent surge, particularly following the election of Donald Trump. Trump’s pledge to make the U.S. a global hub for cryptocurrency by advocating favorable regulations may contribute to this trend.

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2024-11-13 18:28