Hoppy, a widely recognized meme coin on the Ethereum network, has experienced a notable increase, reaching its peak level in over two months as the number of its holders continues to climb.
Over the past two days, Hoppy (HOPPY) rose to a high of $0.00012, marking its highest price since July 23. This upward trend aligns with the movements of other meme coins. For instance, Shiba Inu (SHIB) has seen a 15% increase over the past week, while Dogwifhat (WIF) has surged by more than 40% in the same timeframe.
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This surge can be attributed to Bitcoin’s (BTC) recent recovery, which has seen its price rise from $52,000 earlier this month to $64,000. Historically, meme coins tend to thrive when Bitcoin and Ethereum are on the upswing.
In addition, the number of Hoppy holders has shown significant growth over the last 30 days, increasing from 13,200 on August 25 to 13,852.
Hoppy holders | Source:
Coincarp
Unlike many other meme coins, Hoppy boasts a diverse holder base, with the top ten holders accounting for only 24% of the total token supply. The top 100 holders control 54% of all tokens, as reported by Coincarp.
When traded judiciously, meme coins have emerged as some of the most effective wealth generators this year. For example, data from Nansen reveals that a trader who invested $9 in Hoppy back in July has now reaped $6,500 in gains. This same trader currently holds over $673,000 in unrealized profits.
Hoppy shows promise for further growth.
Hoppy price chart | Source:
TradingView
Indicators suggest that Hoppy may have more room for growth. It established a double-bottom formation at $0.000037 between August and September and has recently surpassed its neckline at $0.000083, the peak point reached on August 26.
Hoppy has moved beyond the 50% Fibonacci retracement level and the lower boundary of Andrew’s pitchfork tool. Furthermore, it has crossed above the 50-day moving average, signaling potential gains toward the 61.8% retracement level at $0.00013.
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