Holders Jump as Hoppy Meme Coin Soars to a 2Month Peak

Hoppy, a popular meme coin built on the Ethereum blockchain, experienced a significant surge in value as the number of holders increased. Over the course of two consecutive days, Hoppy (HOPPY) reached its highest price in over two months, peaking at $0.00012 on September 25, which was the highest level since July 23.

This upward movement in Hoppy’s price follows the trend of other meme coins in the market. For instance, Shiba Inu (SHIB) has seen a 15% increase in the past seven days, while Dogwifhat (WIF) and other meme coins have observed a surge of over 40% during the same period.

The recent rally in meme coins can be attributed to the rebound of Bitcoin (BTC), which has witnessed a rise from $52,000 earlier this month to $64,000. Meme coins tend to perform well when both Bitcoin and Ethereum are experiencing upward movement.

Additionally, the number of Hoppy holders has been steadily increasing over the past 30 days, growing from 13,200 on August 25 to 13,852. Unlike many other meme coins, Hoppy boasts a relatively diverse distribution of holders. The top ten holders own only 24% of all tokens, while the top 100 holders control 54% of the total supply, as reported by Coincarp.

Meme coins have emerged as popular investment options this year, generating substantial wealth for those who trade them wisely. For example, data from Nansen reveals that an investor who spent $9 on Hoppy in July now holds unrealized profits of over $673,000, showcasing the potential for significant gains.

Furthermore, there are indications that Hoppy has further room for growth. It has formed a double-bottom pattern between August and September, with a support level at $0.000037. The coin has already surpassed its neckline at $0.000083, marking its highest point on August 26. In addition, Hoppy has surpassed the 50% Fibonacci retracement level and the lower end of Andrew’s pitchfork tool. It has also moved above the 50-day moving average, suggesting the potential for further gains, potentially reaching the 61.8% retracement point at $0.00013.

As the crypto ecosystem continues to expand, from meme coins to utility tokens, coins like Hoppy present an opportunity for investors to capitalize on the market’s upward momentum.