The Hoppy token has continued its remarkable ascent, hitting a record peak of $0.0002890 on Friday, October 18.
Hoppy (HOPPY), a meme coin operating on the Ethereum (ETH) network, has experienced a staggering increase of over 18,000% since its lowest valuation in June. This impressive rally has positioned it as one of the top-performing cryptocurrencies, with its market capitalization surging to exceed $109 million.
The rise of Hoppy is driven by a growing number of holders. Information from CoinCarp indicates that the token now boasts over 3,600 users, with the top ten holders representing 42% of the total supply. Its daily trading volume reached an all-time high of $14.7 million this week.
The number of holders is likely to expand if the token gains listings on tier-1 exchanges such as Binance, Coinbase, and OKX. Additional statistics from CoinGecko reveal that the majority of trading activity is occurring on Uniswap (UNI), the leading decentralized exchange. The main centralized exchanges (CEX) where Hoppy is listed include MEXC, Bitmart, and BingX.
Hoppy’s upward trend coincides with increases in other meme coins based on Solana and Ethereum. Data from CoinMarketCap shows that tokens like Cat in a Dogs World, Book of Meme, Mog Coin, Brett, and Dogecoin have been among the top-performing cryptocurrencies recently. The overall market cap of meme coins has surged to $61 billion.
Hoppy token has formed a cup and handle pattern
Hoppy has surged beyond the significant resistance level of $0.0002080, which was its peak on July 24. This level is crucial as it marks the upper limit of the cup and handle pattern, a popular indicator of potential bullish continuation.
The token has climbed above the 50-day moving average, indicating that bullish sentiment prevails. However, indicators such as the Relative Strength Index and the Stochastic Oscillator have entered the overbought region.
As a result, it is possible that the token may experience a pullback to retest the support level at $0.0002080 before it resumes its upward momentum.
