The significantly cooled Producer Price Index (PPI) update from the United States government yesterday has let the bulls out across the broader crypto markets. The meme coin section was among the most thriving ones on Thursday afternoon, with the parody meme coin SPX6900 soaring to new record heights after a tip-off that this also could mean an incoming Fed rate cut.
Murad’s Favorite Meme Coin Hits The Jackpot
The stock market-mocking SPX6900 (SPX) meme coin is one of the hand-picked meme coins by Murad, a popular crypto analyst specializing in the lighter side of crypto. Out of his picks, the SPX6900 (SPX) coin is the only one that made the TOP 100 by global market cap so far. SPX inked a brand new all-time high of $1.93 just 5 hours ago, registering stupendous profits.
Since the February 4, 2024 all-time lows of $0.001318, the SPX meme coin has grown exponentially, putting the yearly yield at obnoxious rates due to the limited supply of this token. There’s just over 930 million SPX6900 tokens in circulating mode, while the max supply is capped at exactly 1 billion, making the meme coin relatively scarce to main competitors.
SPX6900 Crypto Flips FLOKI, FARTCOIN & WIF
The seasoned Solana (SOL) meme coin darlings Dog Wif Hat (WIF) & Bonk Coin (BONK) could tell contrasting stories when it comes to Thursday’s crypto market news. WIF had to step aside in the global crypto charts to SPX coin, while BONK coin entered the TOP 50 by market cap & now is inching closer to Pepe Token (PEPE).
Meanwhile, SPX6900 (SPX) still has a $1.3 billion slimmer market cap than BONK coin, but the bigger issue is a difference of over then times in Spot trading volumes. Aside from BONK, other popular meme coins Floki Token (FLOKI) & Solana’s FARTCOIN ensue a larger trading activity, with $1.17 billion for FLOKI & $575 million for the latter.
Overall, the meme coin market cap inked 7.2% gains in the latest 24-hour window, netting a volume of $32.69 billion, according to CoinGecko. If the bursting out altcoin rally carries on at the same pace, SPX meme coin could obtain the $2 target for the first time, but a lot will depend on the coin’s retail appeal against the older competition.
On The Flipside
- The SPX6900 meme coin doesn’t typically garner high trading volumes on Spot markets, breaching just above the $154 million mark on Thursday.
Why This Matters
Meme coins could be a potential high-return play, but also cause considerable holes in the portfolio balance due to amplified price volatility.
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People Also Ask:
SPX6900 hit $1.90 (22% surge), with $1M 24-hour volume & a $1.65B market capitalization, fueled by community hype and 188k+ holders.
It surpassed FLOKI’s $1.25B cap with a 32% weekly gain and strong X buzz (0.913% chatter share), outpacing FLOKI coin’s $0.000131 rally.
With RSI at 81 and a bull flag breakout, $2 is in sight if $1.81 holds. Analysts see $2.85 potential, but $1.51 is a key support.
Overbought RSI (>70), whale sells, or meme coin FUD could push it to $1.51. Rivals like TOKEN6900 may steal hype.
Check X for hot community takes, DailyCoin for relevant analysis & price aggregators like CoinMarketCap for live data.
