A crypto cult hoping to flip your complete U.S. inventory market simply moved nearer to its weird purpose, though with trillions of {dollars} extra to go.
SPX6900 (SPX) crossed a $1.1 billion capitalization earlier Friday to set a brand new file above $1.25, breaking a November excessive of 90 cents, amid renewed curiosity in memecoin cults on Crypto Twitter.
That got here as AI Agent initiatives virtuals (VIRTUALS), ai16z (AI16Z) and the broader class fell by 8% on common, amid criticism of their claimed AI fashions, as beforehand famous in a CoinDesk evaluation.
The Ethereum-based SPX6900 has a complete provide of 930 million tokens, the holders of which have shaped a viral cult that professes the challenge as one in every of their solely methods to monetary freedom.
“You were born into a world where buying a house means taking on a mortgage in the hundreds of thousands. You’ve entered an investment landscape where the Stock Market has already celebrated its most significant gains, leaving you to wonder what’s left for you,” a part of a manifesto on the SPX6900 website reads. “You’re navigating a reality shaped by the aftermath of 9/11, a crippling 2008 recession, an unprecedented global pandemic, runaway inflation, and escalating violence.”
cease buying and selling and imagine in one thing
𝐬𝐭𝐨𝐩 𝐭𝐫𝐚𝐝𝐢𝐧𝐠 𝐚𝐧𝐝 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐢𝐧 𝐬𝐨𝐦𝐞𝐭𝐡𝐢𝐧𝐠
𝑠𝑡𝑜𝑝 𝑡𝑟𝑎𝑑𝑖𝑛𝑔 𝑎𝑛𝑑 𝑏𝑒𝑙𝑖𝑒𝑣𝑒 𝑖𝑛 𝑠𝑜𝑚𝑒𝑡ℎ𝑖𝑛𝑔
𝒔𝒕𝒐𝒑 𝒕𝒓𝒂𝒅𝒊𝒏𝒈. 𝒔𝒕𝒂𝒓𝒕 𝒃𝒆𝒍𝒊𝒆𝒗𝒊𝒏𝒈.
𝒇𝒍𝒊𝒑 𝒕𝒉𝒆 𝒔𝒕𝒐𝒄𝒌 𝒎𝒂𝒓𝒌𝒆𝒕. pic.twitter.com/CmSSWZlRUx
— SPX6900
(@spx6900) January 3, 2025
“SPX6900 is the reset. SPX6900 is the canvas on which new financial dreams are painted. It’s the S&P500 with 6400 more. It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after,” it provides.
The message echoes an identical sentiment to the creation of bitcoin, which was launched in response to the 2008 monetary disaster 16 years in the past.
Since early 2023, memecoins have moved past mere canine or cat-themed tokens to meme cults that rally behind an thought, an idea or a feel-good actuality. Communities of those tokens, akin to mog (MOG), giga (GIGA) and SPX, run rampant on social media platforms akin to X, the place customers genuinely imagine in these tokens regardless of their non-serious nature.
The SPX group began the now in style Crypto Twitter line “stop trading and start believing in something,” making an attempt to popularize holding tokens quite than promoting off and shifting on to newer initiatives. Some say that is among the many components which have constructed a powerful group round SPX.
Fashionable memecoin buyers say the token might even flip the likes of dogecoin (DOGE), the present largest by market capitalization of $51 billion.
“It’s the only token with a memetic target,” well-followed memecoin proponent @MustStopMurad mentioned in a current interview. “Even if it reaches 10% of that, 1% of that, or even 0.1% of that…it is still $45 billion. I do believe dogecoin is going to get flipped as SPX is the BTC of memes.”
“This is the next GME,” Murad added, referring to GameStop and its cult-like following.
