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.
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.
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
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.
