A new memecoin seems to have appeared out of nowhere and broken into the top 100 crypto assets by market cap, with incredible rallies.
SPX6900 (SPX), a reference to the S&P500 index that satirically aims to “topple the S&P 500 by reaching a staggering market cap of $69 trillion,” is currently up nearly 5,000% over the past 30 days.
On September 13, SPX was trading at $0.0179 and a month later is currently valued at $0.909 with a market cap of $849 million. It is currently up almost 69,000% from its all-time low earlier this year.
Say the official website of the memecoin,
“As SPX6900 marches toward its $69 trillion market cap, it is rewriting the rules of finance, proving that the power of community faith and the appeal of numbers can indeed reshape the world.
In its wake, the S&P 500 looks strange, a relic of a bygone era when traditional measures of value reigned supreme. The rise of SPX6900 heralds a new financial era, where meme tokens are capturing the imagination and wallets of investors around the world, proving once and for all that in the digital age, the size of your number really is everything.”
At the time of writing, SPX6900 is the 95th largest crypto asset by market capitalization.
Crypto veteran Chris Burniske expects big things from memecoins in the current digital asset market cycle.
The venture capitalist recently said on social media platform
“The cultural relevance that some NFT (non-fungible token) collections have garnered in 2021 will be surpassed by some memecoins. Not here to endorse a horse, but the trend is clear.”
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Generated image: Midjourney