The SPX6900 (SPX) meme coin that made millions for early investors is showing signs of weakness.
After hitting an all-time high of $0.95 earlier this month, SPX has plunged into a downtrend that’s rattled holders.
Now, one analyst is eyeing a potential crash to $0.38 – and some traders are already pivoting to the next wave of low-cap meme coins.
How SPX6900 Became a Crypto Millionaire-Maker
SPX6900 started as a playful nod to the S&P 500 but eventually became one of the hottest meme coins of 2024.
What began as just another useless token turned into a millionaire-maker.
The numbers are wild.
In mid-September, SPX began shooting up – posting a 9,000% return in just one month.
It didn’t take long for major exchanges like MEXC and LBank to jump on board, listing the token as its market cap soared to nearly $850 million.
But, as with most meme coins, the ride hasn’t stayed smooth for long.
SPX is now trading at $0.74, down 21% from its peak, and its market cap has slipped to $700 million.
For a token that poked fun at traditional finance’s biggest index, SPX is learning that what goes up can also come back down – and quickly.
Analysts Divided on SPX – Will It Crash or Rally?
The crypto community is pretty divided on where SPX6900 is headed next, with top analysts offering some very different takes.
On the bearish side, Altcoin Sherpa thinks the token could drop to $0.38.
That would be nearly half its current value based on his technical analysis.
But not everyone is so downbeat.
Crypto analyst Chuma compared SPX to the 2021 GameStop phenomenon, arguing that its huge “mindshare” could push its market cap to $2.2 billion.
And then there’s Roaring Kitty, who famously predicted GME’s surge.
He suggested SPX could eventually challenge Cardano’s market position.
The truth is probably somewhere in between all these takes.
While the recent dip in trading volumes backs up Altcoin Sherpa’s bearish view, the wildcard is a potential meme coin “supercycle.”
If the meme coin market experiences a bull run, SPX could benefit and move to new highs.
But for now, the bears are still firmly in control.
Top Low-Cap SPX Alternatives: Crypto All-Starz, Flockerz, FreeDum Fighters, & Gigachad
While SPX6900’s future is still up in the air, several new meme coins are starting to grab traders’ attention.
Each one brings something a little different.
First up is Crypto All-Stars (STARS), which is shaking things up with its MemeVault platform – a hub for earning rewards across multiple chains and tokens.
Using the MemeVault, investors can stake meme coins to earn STARS tokens.
Unsurprisingly, this setup has attracted a lot of attention.
Crypto All-Stars’ presale has raised over $2.6 million and shows no signs of slowing down.
Then there’s Flockerz (FLOCK) – a new “Vote-to-Earn” coin.
On its Flocktopia DAO platform, token holders get to influence the project’s direction while earning rewards.
It’s not just talk since Flockerz’s presale has now raised $980,000 in early funding.
Would-be investors can buy FLOCK tokens before their open market debut for just $0.0058394 each.
FreeDum Fighters (DUM) is another low-cap alternative to SPX6900.
It takes a unique angle by combining politics and humor, featuring mech-style versions of political figures like “Kamacop” and “MAGATRON.”
While the high staking rewards are catching attention, many also point to the recent growth of PolitiFi coins.
FreeDum Fighters could capitalize on this growth.
Lastly, Gigachad (GIGA) is tapping into the massive popularity of the meme with which it shares its name.
It’s a straightforward coin with no big promises, just “degen” fun.
However, that hasn’t stopped it from getting a shout-out from meme coin legend Murad.
He tweeted yesterday about how “gigantic and powerful” the SPX6900 and Gigachad communities will become.
Ultimately, while these four coins might not have the same market position as SPX, they offer something new – and at a lower valuation.