Memcoin SPX6900 (SPX): why is there a surge of interest a year after its release?
Memcoin developers often bribe users with original ideas or new characters. SPX6900 is no exception.
What is SPX6900?
SPX6900 under the ticker SPX is a memcoin like most others, created for entertainment purposes only. SPX6900 lacks a team and even a roadmap, which is not uncommon for such assets.
The developers behind the SPX6900 memcoin have set an ambitious goal to surpass the market capitalization of the famous S&P 500 stock index. Hence, the token takes its name.
SPX6900 was initially released as an ERC-20 token on the Ethereum blockchain in September 2023. However, the developers later added support for two more networks — Solana and Base.
Interest in the token surged after the launch of trading on the BitMart exchange, followed by listings on other centralized crypto exchanges. In just a few weeks after the listing on BitMart, the number of SPX6900 token holders increased roughly 3-fold from 5 000 to 15 000.
As of November 2024, 930 million SPX tokens have been issued out of a possible 1 billion. This means that about 93% of all tokens are already circulating on the market, and hence, there will not be a large number of new assets issued that can significantly affect the SPX6900 memcoin exchange rate.
Pros and cons of SPX6900
Among the pros is that SPX6900 belongs to one of the most trending areas of the crypto market, memcoins. This means that as this sector grows, the SPX6900 memcoin can theoretically bring profit to its investors.
However, it should be taken into account that, for the most part, memcoins do not carry any value and are not used practically anywhere, which puts their investors at significant risk of losing their investments.
As of November 2024, the project's official website contains a minimum of information, but the developer initially warned that the token was created for entertainment purposes only and "has no relation to any shares, other securities, and investments." It is even stated that the site is not official but only a fan version.
SPX6900's social media accounts are almost inactive and mostly contain links to the project's primary resources. The SPX6900 token can be found only on exchanges of the so-called second echelon, such as MEXC, BingX, etc. Nevertheless, SPX6900 is traded on major decentralized exchanges:
The SPX6900 project also has its own NFT collection called Project AEON, which consists of 3333 copies and is available for trading on the largest marketplace, OpenSea. The price of some NFT tokens from Project AEON reaches 1.8 ETH.
Conclusion
Although surpassing the S&P 500 index in terms of market capitalization is quite original, for memcoins, such a goal looks somewhat unattainable. As of November 2024, the market capitalization of the S&P 500 index reached $45.84 trillion, more than 18 times the exact figure of the entire crypto sector, which is only $2.49 trillion.
At this capitalization, given the number of SPX6900, the price of each token should be at least $49 200, and so far, the only crypto asset that has been able to overcome this mark is Bitcoin.
However, as capitalization grows, more extensive exchanges may flood the token, attracting additional attention to the SPX6900 project.