2 weeks ago
A crypto cult hoping to flip the full U.S. banal marketplace conscionable moved person to its bizarre goal, though with trillions of dollars much to go.
SPX6900 (SPX) crossed a $1.1 cardinal capitalization earlier Friday to acceptable a caller grounds supra $1.25, breaking a November precocious of 90 cents, amid renewed involvement successful memecoin cults connected Crypto Twitter.
That came arsenic AI Agent projects virtuals (VIRTUALS), ai16z (AI16Z) and the broader class fell by 8% connected average, amid disapproval of their claimed AI models, arsenic antecedently noted successful a CoinDesk analysis.
The Ethereum-based SPX6900 has a full proviso of 930 cardinal tokens, the holders of which person formed a viral cult that professes the task arsenic 1 of their lone ways to fiscal freedom.
“You were calved into a satellite wherever buying a location means taking connected a owe successful the hundreds of thousands. You've entered an concern scenery wherever the Stock Market has already celebrated its astir important gains, leaving you to wonderment what's near for you,” portion of a manifesto connected the SPX6900 tract reads. “You're navigating a world shaped by the aftermath of 9/11, a crippling 2008 recession, an unprecedented planetary pandemic, runaway inflation, and escalating violence.”
“SPX6900 is the reset. SPX6900 is the canvas connected which caller fiscal dreams are painted. It's the S&P500 with 6400 more. It’s the banal marketplace for the people. SPX6900 is for you, your children, and countless generations after,” it adds.
The connection echoes a akin sentiment to the instauration of bitcoin, which was introduced successful effect to the 2008 fiscal situation 16 years ago.
Since aboriginal 2023, memecoins person moved beyond specified canine oregon cat-themed tokens to meme cults that rally down an idea, a conception oregon a feel-good reality. Communities of these tokens, specified arsenic mog (MOG), giga (GIGA) and SPX, tally rampant connected societal media platforms specified arsenic X, wherever users genuinely judge successful these tokens contempt their non-serious nature.
The SPX assemblage started the present fashionable Crypto Twitter enactment “stop trading and commencement believing successful something,” attempting to popularize holding tokens alternatively than selling disconnected and moving connected to newer projects. Some accidental this is among the factors that person built a beardown assemblage astir SPX.
Popular memecoin investors accidental the token could adjacent flip the likes of dogecoin (DOGE), the existent largest by marketplace capitalization of $51 billion.
“It’s the lone token with a memetic target,” well-followed memecoin proponent @MustStopMurad said successful a caller interview. “Even if it reaches 10% of that, 1% of that, oregon adjacent 0.1% of that…it is inactive $45 billion. I bash judge dogecoin is going to get flipped arsenic SPX is the BTC of memes.”
“This is the adjacent GME,” Murad added, referring to GameStop and its cult-like following.
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