Hoppy token hits all-time high, rare pattern points to more gains

The Hoppy token continued its strong rise, reaching a record high of $0.0002890 on Friday, October 18.

Hoppy (HOPPY), a meme coin on the Ethereum (ETH) network, is up over 18,000% from its lowest point in June. This rally made it one of the best-performing cryptocurrencies, with its market cap rising to over $109 million.

Hoppy’s rise is fueled by a growing number of owners. Data from CoinCarp shows that it currently has over 3,600 users, with the top ten holders accounting for 42% of the total. Its daily volume reached a record high of $14.7 million this week.

The number of holders could possibly increase if the token is listed on tier 1 exchanges such as Binance, Coinbase, and OKX. Additional data from CoinGecko shows that most of its trading occurs on Uniswap (UNI), the largest player in the decentralized exchange industry. The top CEX exchanges that list Hoppy are MEXC, Bitmart, and BingX.

Hoppy’s rally coincides with gains in other Solana and Ethereum-based meme coins. Data from CoinMarketCap shows that in the world of dogs, tokens such as Cat, Book of Meme, Mog Coin, Brett and Dogecoin were among the best-performing cryptocurrencies last week. The total market value of meme coins increased to $61 billion.

Hoppy token formed a cup and handle pattern Hoppy price chart | Source: TradingView

Hoppy broke through the key resistance level at $0.0002080, the high on July 24. This level was important because it represented the upper limit of the cup and handle formation, which is a common indicator of the continuation of the rise.

Hoppy broke above the 50-day moving average, indicating that the bulls are in control. However, indicators such as the Relative Strength Index and Stochastic Oscillator have entered the overbought zone.

As a result, the token may pull back to retest the support level at $0.0002080 before resuming the uptrend.