SPX6900 Reaches $1.1 Billion Market Cap Amid Memecoin Surge
A crypto group aiming to disrupt the U.S. stock market has made progress, with SPX6900 (SPX) surpassing a $1.1 billion market capitalization and reaching a new record above $1.25. This marks an increase from its November high of 90 cents, driven by renewed interest in memecoins on Crypto Twitter.
In contrast, AI Agent projects like virtuals (VIRTUALS) and ai16z (AI16Z) experienced an average decline of 8%, facing scrutiny over their claimed AI models, as noted in a CoinDesk analysis.
SPX6900 operates on the Ethereum blockchain with a total supply of 930 million tokens. Its holders have formed a community that views the project as a pathway to financial freedom. A manifesto on the SPX6900 website states: “You were born into a world where buying a house means taking on a mortgage in the hundreds of thousands... SPX6900 is the reset. It’s the stock market for the people.”
This sentiment parallels the creation of bitcoin, which emerged in response to the 2008 financial crisis.
Since early 2023, memecoins have evolved from simple themes to communities rallying behind concepts or ideals. Tokens like mog (MOG), giga (GIGA), and SPX have gained traction on social media, with users expressing genuine belief in their value despite their playful nature.
The SPX community popularized the phrase “stop trading and start believing in something,” promoting a strategy of holding rather than selling tokens. This approach has contributed to a strong community around SPX.
Some investors believe SPX6900 could rival dogecoin (DOGE), which currently holds a market cap of $51 billion. Memecoin advocate @MustStopMurad stated, “It’s the only token with a memetic target,” suggesting that even a fraction of dogecoin's market cap would position SPX6900 significantly. Murad also likened SPX6900 to GameStop, referencing its cult-like following.