The meme coin SPX6900 has set a significant milestone, passing the $1.5 billion market cap for the very first time on Jan. 7, 2024.
This follows increased trading activities and rising interest in meme coins as an asset class in the crypto market. It goes without saying that it has placed SPX6900 (SPX) among the best-performing digital assets in the early days of 2025, which is often known as the January effect.
Trading at $1.53, the token gained 1.87% in the past 24 hours, with a daily trading volume exceeding $95 million, highlighting growing investor interest.
SPX is a meme coin that runs on the ETH blockchain, which comes at a time when meme coins continue to catch market attention with their combination of speculative appeal and cultural resonance. Described in its unofficial manifesto as “the stock market for the people,” the token symbolizes a movement toward economic liberation and an alternative to traditional wealth creation systems. As of today, the circulating supply is estimated to hover around 931 million, with about 6.9% of tokens or roughly 69 million burnt. The token uses the Wormhole technology to be a cross-chain asset, enhancing availability across different blockchain estates.
SPX’s market perspective
From a market point of view, the token could rise on support from technical indicators that show a rather bullish sentiment. The Moving Average Convergence Divergence (MACD) has seen the MACD line cross above the signal line, a classical bullish determinant.
The MACD histogram, which displays green increasing bars, refers to the uninterrupted buying pressure. Moreover, the rise in the trading volume indicates some ongoing enthusiasm within the market.
In addition, open interest for SPX futures has grown consistently and surpassed $65 million on Jan. 7, 2025, according to Coinglass. Specification of trader inflows points to increased trader sentiment and willingness to operate in the derivatives market. The growing open interest and an increase in holder counts suggest SPX’s growing adoption. According to Santiment, the number of holders rose from 14,955 in Oct. 2024 to over 23,667 in last week of Dec 2024, reflecting the market confidence that the token is witnessing in early January.
