I quite like the happy feel of this song, it put a smile on my face! My main complaint would be the lack of buildup: all I hear are bass, melody and drums, with nothing in between to flesh them out -- that takes quite a lot out from my overall listening experience.
The best happy songs I've heard have some form of progression, something that makes you HAPPIER inside and makes you look forward to the rest of the loop. Look at the soundtrack for Kirby's Epic Yarn for example. Or even EXEC_HYMME_BATTLESPHERE (Saki), also known as "Buri Hamachi". There's an extra layer of yumminess added to it over time, you know?