Hoppy meme coin hits 2-month high as holders jump

Hoppy, a popular Ethereum-based meme coin, surged to its highest level in over two months as the number of holders increased.

Hoppy (HOPPY) rose for two consecutive days, reaching a high of $0.00012, its highest level since July 23.

The rally mirrored the performance of other meme coins. Shiba Inu (SHIB), for example, has risen by 15% in the last seven day, while other meme coins like Dogwifhat (WIF) are up by more than 40% in the same period.

You might also like: POPCAT hits all-time high as market cap surges past $1b

This performance has been triggered by Bitcoin’s (BTC) rebound, which has seen it rise from $52,000 earlier this month to $64,000. Meme coins tend to perform well when Bitcoin and Ethereum are rising.

Meanwhile, the number of Hoppy holders has been on a strong uptrend over the past 30 days, increasing from 13,200 on Aug. 25 to 13,852.

Hoppy holders | Source: Coincarp

Unlike most meme coins, Hoppy’s holders are relatively diverse, with the top ten holders owning 24% of all tokens. The top 100 holders control 54% of all tokens, according to Coincarp.

Meme coins, when traded wisely, have become some of the most popular wealth generators this year. For example, data from Nansen shows that a trader who spent $9 buying Hoppy in July has gained $6,500. That same trader now has over $673,000 in unrealized profits.

Hoppy has more upside

Hoppy price chart | Source: TradingView

There are signs that Hoppy has further upside potential. It formed a double-bottom pattern at $0.000037 between August and September and has crossed its neckline at $0.000083, its highest point on Aug. 26.

Hoppy has risen above the 50% Fibonacci retracement level and the lower side of Andrew’s pitchfork tool. It has also moved above the 50-day moving average, pointing to more gains toward the 61.8% retracement point at $0.00013.

You might also like: From memecoins to utility tokens: The expanding crypto ecosystem of Solana

Source