A manifesto on the SPX6900 website reads, “It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after.”
A growing crypto cult focused on overtaking the U.S. stock market has just made a significant step toward its ambitious goal, though there are still trillions of dollars left to conquer.
SPX6900 (SPX) surpassed a $1.1 billion market capitalization on Friday, reaching a new high of over $1.25. This surge broke its previous record of 90 cents set in November, fueled by renewed interest in memecoin projects within the Crypto Twitter community.
This growth came as AI Agent projects, such as Virtuals (VIRTUALS), ai16z (AI16Z), and others, saw a decline of 8% on average, amidst growing skepticism about their purported AI capabilities, as highlighted in a CoinDesk analysis.
SPX6900 is built on the Ethereum blockchain and boasts a total supply of 930 million tokens. The project has garnered a devoted following, with supporters touting it as a key to financial freedom.
A section of the SPX6900 manifesto reads: “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 seen its greatest gains, leaving you to wonder what’s left for you. 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.”
It continues, “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.”
This rhetoric mirrors the sentiments that led to the creation of Bitcoin, which was launched in the wake of the 2008 financial crisis.
Since early 2023, memecoins have evolved from simple dog- or cat-themed tokens to full-blown meme movements centered around concepts and ideologies. Communities surrounding these tokens, such as mog (MOG), giga (GIGA), and SPX, have grown rapidly on social media platforms like X, with participants fervently believing in the potential of these coins, despite their often humorous nature.
The SPX community has gained momentum with the popular Crypto Twitter phrase “stop trading and start believing in something,” encouraging supporters to hold onto their tokens instead of selling them off for the next new project. This sentiment is credited with helping to solidify the strong community surrounding SPX.
Some supporters believe that SPX6900 could eventually surpass dogecoin (DOGE), which currently holds the title of the largest memecoin by market capitalization at $51 billion.
In a recent interview, prominent memecoin advocate @MustStopMurad remarked, “It’s the only token with a memetic target. Even if it reaches 10% of that, 1% of that, or even 0.1% of that…it’s still $45 billion. I do believe dogecoin is going to get flipped, as SPX is the BTC of memes.”
He added, “This is the next GME,” referencing the cult-like following that propelled GameStop to fame.
