A new memecoin has seemingly come out of nowhere to break into the top 100 crypto assets by market cap with incredible rallies.
SPX6900 (SPX), a reference to the S&P500 index which satirically aspires to “topple the S&P 500 by achieving a staggering $69 trillion market cap” is currently up nearly 5,000% in the last 30 days.
On September 13th, SPX was trading at $0.0179 and is currently valued at $0.909 a month later with a $849 million market cap. It is currently up nearly 69,000% from its all-time lows recorded earlier this year.
Says the memecoin’s official website,
“As SPX6900 marches towards its $69 trillion market cap, it rewrites the rules of finance, proving that the power of community belief and the allure of large numbers can indeed reshape the world.
In its wake, the S&P 500 looks quaint, a relic of a bygone era where traditional metrics of value reigned supreme. The ascent of SPX6900 heralds a new financial epoch, where meme tokens capture the imagination and wallets of investors worldwide, proving once and for all that in the digital age, the size of your number truly is everything.”
At time of writing, SPX6900 is the 95th-largest crypto asset by market cap.
Crypto veteran Chris Burniske is expecting big things from memecoins in the current digital asset market cycle.
The venture capitalist recently said on the social media platform X that “memecoins’ tendency to trigger” suggests they will be bigger than forecasted going forward.
“The cultural relevance some NFT (non-fungible token) collections 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