Key Points
The Hoppy token has shown impressive performance recently, hitting its highest value at $0.0002890 on October 18.
This meme coin, built on the Ethereum (ETH) network, has surged by over 18,000% from its lowest point in June.
This remarkable rally has elevated Hoppy to one of the top-performing cryptocurrencies, with its market cap skyrocketing to over $109 million.
Factors Behind Hoppy’s Rally
The token’s surge is attributed to an increasing number of holders.
According to data from CoinCarp, Hoppy now boasts over 3,600 users, with the top ten holders possessing 42% of the total.
The token’s daily volume also reached a record $14.7 million this week.
The number of Hoppy holders could potentially rise if the token is listed on major exchanges like Binance, Coinbase, and OKX.
Additional data from CoinGecko reveals that most of Hoppy’s trading occurs on Uniswap (UNI), a leading decentralized exchange.
The top centralized exchanges (CEX) that have listed Hoppy are MEXC, Bitmart, and BingX.
Hoppy’s rally aligns with the gains of other meme coins based on Solana and Ethereum.
Data from CoinMarketCap indicates that tokens like Cat in a dogs world, Book of Meme, Mog Coin, Brett, and Dogecoin were some of the best-performing cryptocurrencies in the past week.
The total market cap of meme coins has surged to $61 billion.
Hoppy broke past the critical resistance level of $0.0002080, its highest point on July 24.
This level is significant as it marks the upper limit of the cup and handle pattern, a common bullish continuation indicator.
Hoppy has climbed above the 50-day moving average, suggesting a bullish control.
However, indicators like the Relative Strength Index and the Stochastic Oscillator have entered the overbought zone.
This could lead to a token pullback to retest the support level at $0.0002080 before continuing its bullish trend.