SPX6900 Sets Record Highs While Trendy ‘AI Agents’ See Profit-Taking

A crypto cult that hoped to topple all the US inventory market has simply moved nearer to its weird purpose, albeit with trillions of {dollars} nonetheless to go.

SPX6900 (SPX) surpassed $1.1 billion in capitalization earlier Friday and set a brand new all-time excessive above $1.25, breaking the file excessive of 90 cents set in November, amid renewed curiosity in meme coin cults on Crypto Twitter.

That got here as AI Agent virtuals (VIRTUALS), ai16z (AI16Z) and the broader class fell a median of 8% 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, whose holders formed a viral cult who professes the challenge as certainly one of their solely methods to realize monetary freedom.

“You have been born right into a world the place shopping for a home means taking out a mortgage for lots of of 1000’s. You’ve got entered an funding panorama the place the inventory market has already celebrated its main good points, leaving you questioning what’s left for you,” reads a part of a manifesto on the SPX6900 web site. “You’ll navigate a actuality formed by the aftermath of September 11, a crippling 2008 recession, an unprecedented international pandemic, runaway inflation and escalating violence.”

“SPX6900 is the reset. SPX6900 is the canvas on which new monetary desires are painted. It is the S&P500 with 6400 extra. It is the inventory marketplace for the folks. SPX6900 is for you, your youngsters and numerous generations to come back,” it provides.

The message displays an analogous sentiment to the creation of Bitcoin, which was launched sixteen years in the past in response to the 2008 monetary disaster.

Since early 2023, memecoins have grown from mere dog- 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, are rampant on social media platforms like X, the place customers sincerely imagine in these tokens regardless of their non-serious nature.

The SPX group began the now widespread Crypto Twitter line “cease buying and selling and begin believing in one thing”, in an try to popularize holding tokens as an alternative of promoting and transferring on to newer tasks. Some say this is without doubt one of the elements that has constructed a robust group round SPX.

Widespread memecoin buyers say the token might even overturn dogecoin (DOGE), the present largest with a market cap of $51 billion.

“It is the one token with a memetic objective,” mentioned well-followed memecoin proponent @MustStopMurad in a latest interview. “Even when it reaches 10% of that, 1% of that, and even 0.1% of that… it is nonetheless $45 billion. I really imagine dogecoin shall be rotated as SPX is the BTC of memes.

“That is the following GME,” Murad added, referring to GameStop and its cult-like following.