KEY POINTS
- $SPX is up by over 150% in the last seven days, on the back of a 30-day 3,800% spike
- Controversial memecoin influencer Murad reportedly turned his $387K $SPX into $23 million in 4 months
- One whale made a 40x profit from his initial $161K investment in $SPX as per on-chain data
Memecoins have had their fair share of ups and downs over the years, and many times, the memecoin segment goes viral in the cryptocurrency community for scams, rug pulls, frauds, and other similar security incidents.
However, one token is rising above the tides of the inherently volatile and vulnerable segment, as it gained the interest of the crypto community for good reason. Will it continue to shine, or will it soon be one of the many meme tokens that skyrocketed, only to land with a hard thud?
What is $SPX – The Token with a Grandiose Goal?
For starters, SPX6900 (SPX) is "a token birthed from the depths of internet culture," the team wrote on the token's official website. The meme token is "on an audacious quest to topple the S&P 500 by achieving a staggering $69 trillion market cap."
According to the website, the road toward a $69 trillion market value will not be marked by economic signals or corporate earnings. Instead, it will be paved by "memes, tweets, and a viral belief in the superiority of larger numbers."
Data from CoinGecko shows that SPX now has a $786.7 million market cap – still far from its ultimate goal. On the other hand, the memecoin has been making a name for itself on social media in recent weeks.
In fact, SPX6900 has been on a weeks-long rally. The coin was up by nearly 12% from Saturday through Sunday night, and has been up by over 158% in the last seven days. Its 30-day increase hit over 3,800%.
Why is $SPX Going Viral on X?
The SPX6900 token entered a new week in the green and was the talk of the town in the last few days due to the story of how controversial memecoin influencer Murad Mahmudov turned $387,000 into a staggering $23 million in a period of four months by investing in SPX, as per prominent crypto influencer Lark Davis.
Murad turned $387K into $23M in just 4 months investing in a memecoin called SPX6900.
— Lark Davis (@TheCryptoLark) October 13, 2024
That’s a massive gain of 61x. 🤯 pic.twitter.com/9ZfrM6TZKl
There are also talks that SPX may become "the next PEPE," the memecoin that took the meme token industry by surprise after it passed a $1 billion market cap in just 20 days.
Whales and BlackRock Are In?
Murad isn't the only crypto user whose SPX investments blew up. It turns out a crypto whale bet on the token's surge. Data from on-chain analytics firm Lookonchain revealed that a whale spent $161,000 to snap up 7.79 million SPX two months ago.
The whale started selling off the SPX6900 tokens Saturday and so far has seen a $6.4 million profit, which is a 40x return on his initial investment, on his memecoin investment.
A #SPX6900 whale is selling $SPX for profit!
— Lookonchain (@lookonchain) October 14, 2024
He spent only $161K to buy 7.79M $SPX 2 months ago and started selling $SPX 11 hours ago.
So far, he has. sold 638K $SPX($562K) at $0.88, leaving 7.15M $SPX($6M).
His profit on $SPX is $6.4M, a 40x return!https://t.co/jFXZm5nNKW pic.twitter.com/meHzNSwtEa
Aside from the whale, a wallet linked to asset management giant BlackRock, as identified by leading blockchain analytics firm Arkham Intelligence, has a few SPX holdings.
It remains to be seen whether SPX6900 will continue to trek a path to glory. So far, it seems to be on the right track. As of early Monday, the coin has climbed to the Top 11 on CoinGecko's rankings of the world's largest memecoins by market cap.
SPX is getting closer to the $1 billion club and is trailing behind Mog Coin (MOG), Neiro (NEIRO), and Brett (BRETT).
