Hoppy meme coin hits 2-month high as holders jump

Hoppy, a popular Ethereum-based meme coin, has reached a two-month high as the number of its holders increases.

Hoppy (HOPPY) rose for the second day in a row, reaching $0.00012, its highest level since July 23.

The rally mirrored the performance of other meme coins, with Shiba Inu (SHIB) up 15% in the past seven days, while other meme coins like Dogwifhat (WIF) are up more than 40% in the same period.

This performance was triggered by Bitcoin’s (BTC) rally from $52,000 to $64,000 earlier this month. Meme coins tend to perform well when Bitcoin and Ethereum rise.

Meanwhile, the number of Hoppy owners has been on a strong upward trend over the past 30 days, rising from 13,200 on August 25 to 13,852.

Hop holders | Source: Coincarp

Unlike most meme coins, Hoppy’s owners are relatively diverse, with the top ten owners owning 24% of all tokens. According to Coincarp, the top 100 owners control 54% of all tokens.

Meme coins have become some of the most popular wealth creators this year when traded wisely. For example, data from Nansen shows that a trader who spent $9 to buy Hoppy in July made $6,500. That same trader now has over $673,000 in unrealized profits.

Hoppy has more upside potential Hoppy price chart | Source: TradingView

There are signs that Hoppy has further upside potential. It formed a double bottom pattern at $0.000037 between August and September and crossed the neckline at $0.000083 on August 26.

Hoppy climbed above the 50% Fibonacci retracement level and the low of Andrew’s fork tool. It also climbed above the 50-day moving average, suggesting more gains towards the 61.8% retracement point at $0.00013.