🌎 Hoppy Meme Coin Surges to Two-Month High Amid Holder Increase

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

Hoppy’s Recent Performance

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. For instance, Shiba Inu has risen by 15% in the last seven days, while other meme coins like Dogwifhat are up by more than 40% in the same period.

Market Dynamics

This performance has been triggered by Bitcoin’s 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.

Increasing Number of Holders

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. Unlike most meme coins, Hoppy’s holders are relatively diverse. The top ten holders own 24% of all tokens, while the top 100 holders control 54% of all tokens.

Why Meme Coins Are Popular

Meme coins, when traded wisely, have become some of the most popular wealth generators this year. For example, data 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’s Potential for Further Gains

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.