Hoppy, a popular Ethereum-based meme coin, surged to its highest level in over two months as the number of holders increased.
hoppy price analysis: Hoppy (HOPPY) price rose for two consecutive days, reaching a high of $0.00012 on Monday, Sept. 20. This was the highest level seen since July 23, when HOPPY reached a peak of $0.000123 before beginning its downtrend.
The recent rally in Hoppy price mirrored the performance of other meme coins, which have shown signs of recovery following Bitcoin's (BTC) rebound. Shiba Inu (SHIB), for example, rose by 15% in the last seven days, while other meme coins like Dogwifhat (WIF) are up by more than 40% in the same period.
Bitcoin price has been on a strong uptrend since early September, rising from $52,000 to reach levels above $64,000. Meme coins, which are known for their high volatility, tend to perform well when Bitcoin and Ethereum are rising.
Hoppy price has also been supported by an increase in the number of holders, which rose from 13,200 on Aug. 25 to reach 13,852 on Monday. This marks a strong uptrend in the number of people holding Hoppy over the past 30 days.
Interestingly, Hoppy's holders are relatively diverse compared to most meme coins. According to data from Coincarp, the top ten holders own 24% of all tokens, while the top 100 holders control 54% of all tokens. This is in contrast to other meme coins, where a few large wallets can hold a majority of the tokens.
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.
Further Hoppy price analysis reveals 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.
From the double bottom, Fibonacci retracement levels show that HOPPY has risen above the 50% 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.
