SPX6900 meme coin has been one of the best-performing tokens this week, rising by over 226% in the last seven days. This surge has brought its market cap to over $567 million, making it the tenth biggest meme coins in the industry. It has flipped other popular coins like Mog Coin, Cat in a dogs world (MEW), Baby Doge Coin, and MAGA.
Popcat whale buys SPX
The SPX6900 token rose after a whale who made $4.8 million investing in Popcat bought 6.56 million tokens. He did that by bridging 3.65 million USD Coin to Ether and bought the meme coin, hoping that the rally would continue.
He is not alone as more data shows that the number of SPX holders has continued rising in the past few days. According to Coincarp, it has accumulated 10,900 holders, up from 4,725 on September 11.
The token also rose after announcing that it would be listed by MEXC, one of the biggest centralized crypto exchanges (CEX) in the industry. It will be listed on Oct. 10, giving it access to its millions of customers.
SPX6900 has also been listed by several other exchanges like Aevo, LBank, Ourbit, and Wsabi Protocol. If its strong performance continues, there is a likelihood that it will receive listings from some of the top tier-1 exchanges like Binance and OKX.
SPX6900 is a parody meme coin themed on the S&P 500 index, one of the biggest benchmarks on Wall Street. Launched in 1957 trading at $44, the index has surged to almost $6,000.
Like other meme coins, SPX6900 does not have any utility. Instead, its price is determined by the hype among participants.
Over the years, some meme coins without any utility have become billion-dollar assets. Dogecoin has achieved a $15 billion market cap, while Shiba Inu, Pepe, Dogwifhat, and Bonk are all valued at over $1 billion.
The risk, however, is that some meme coins pop, and then lose momentum as some of the biggest investors or whales dump them. For example, Daddy Tate, a token promoted by Andrew Tate, peaked at $0.2875 in September and dropped by 50% to $0.147. Similarly, Shiba Inu peaked at $0.000090 in 2020 and dropped by 80% to $0.00017.
Read more: SPX6900 Token is Firing on all Cylinders; But Risks Remain
SPX6900 price analysis
On the four-hour chart, we see that the SPX token has been in a strong rally in the past few days. It has risen for five consecutive days, reaching a record high of $1.20 on Thursday morning.
The token then quickly retreated to $0.60. It has remained above the 25-period moving average.
However, there are signs that it is slowly forming a bearish engulfing pattern. Therefore, the token will likely drop to the next support at $0.50. More upside will be confirmed if the token rises above the all-time high of $1.20.
