Hoppy, a meme coin traded on the Ethereum network, is up more than 18,000% from its low in June. This remarkable rise has made Hoppy one of the best-performing cryptocurrencies, pushing its market cap to over $109 million.

Hoppy’s success is based on a growing user base. According to CoinCarp data, Hoppy currently has more than 3,600 users, with the top ten holders holding 42% of the total token. This week, the token’s daily trading volume reached a record high of $14.7 million.

One of the biggest factors behind Hoppy’s success is the interest of an increasing number of investors and traders in this token. This interest stems especially from the central exchanges where Hoppy is listed. The largest centralized exchanges where Hoppy is currently traded include MEXC, Bitmart and BingX.

Hoppy’s rise follows a parallel trend with the rise of other Ethereum and Solana-based meme coins. According to CoinMarketCap data, tokens such as Cat in a Dogs World, Book of Meme, Mog Coin, Brett and Dogecoin were among the best performing cryptocurrencies in the last week.

The total market value of meme coins jumped to $61 billion. This indicates a revival of investor interest in meme coins.

Hoppy managed to break the critical resistance level at $0.0002080. This level represents the upper limit of the “cup and handle” pattern, a common technical analysis indicator that indicates the continuation of a bull trend.

Hoppy’s exceeding this level positively affects investors’ expectations and creates more buying pressure. Staying above the 50-day moving average indicates that the bulls are in control and Hoppy has further upside potential.

However, the Relative Strength Index (RSI) and Stochastic Oscillator, which are among the technical indicators, show that it has moved into an overbought situation. This increases the possibility of a short-term correction in Hoppy’s price.

Traders will continue to watch whether the price returns to the support level at $0.0002080. If this support level is tested, it could provide a solid foundation for Hoppy to continue its bull trend.

While Hoppy’s increase has led to speculation among investors, some analysts state that the listing of this token on more exchanges in the future may increase the number of users. If Hoppy gets listed on top-tier exchanges like Binance, Coinbase or OKX, this could increase the number of owners, contributing to a further rise in price.

Investors need to closely follow Hoppy’s performance and market dynamics during this period. Hoppy’s strong rally is considered an indicator of meme coins regaining popularity in the cryptocurrency market.