A crypto cult hoping to flip your complete U.S. inventory market simply moved nearer to its weird objective, though with trillions of {dollars} extra to go.
SPX6900 (SPX) crossed a $1.1 billion capitalization earlier Friday to set a brand new document 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 tasks 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 all their solely methods to monetary freedom.
“You have been born right into a world the place shopping for a home means taking up a mortgage within the tons of of 1000’s. You have entered an funding panorama the place the Inventory Market has already celebrated its most vital beneficial properties, leaving you to surprise what’s left for you,” a part of a manifesto on the SPX6900 web site reads. “You are navigating a actuality formed by the aftermath of 9/11, a crippling 2008 recession, an unprecedented world pandemic, runaway inflation, and escalating violence.”
cease buying and selling and consider 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 monetary desires are painted. It is the S&P500 with 6400 extra. It’s the inventory marketplace for the individuals. SPX6900 is for you, your kids, and numerous generations after,” it provides.
The message echoes an analogous 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 concept, an idea or a feel-good actuality. Communities of those tokens, corresponding to mog (MOG), giga (GIGA) and SPX, run rampant on social media platforms corresponding to X, the place customers genuinely consider in these tokens regardless of their non-serious nature.
The SPX neighborhood began the now in style Crypto Twitter line “cease buying and selling and begin believing in one thing,” making an attempt to popularize holding tokens moderately than promoting off and transferring on to newer tasks. Some say that is among the many elements which have constructed a powerful neighborhood round SPX.
Common memecoin traders say the token may even flip the likes of dogecoin (DOGE), the present largest by market capitalization of $51 billion.
“It’s the one token with a memetic goal,” well-followed memecoin proponent @MustStopMurad mentioned in a current interview. “Even when it reaches 10% of that, 1% of that, and even 0.1% of that…it’s nonetheless $45 billion. I do consider dogecoin goes to get flipped as SPX is the BTC of memes.”
“That is the following GME,” Murad added, referring to GameStop and its cult-like following.
