The manifesto on SPX6900’s website boldly states, “It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after.”
A crypto movement with dreams of overhauling the U.S. stock market has moved one step closer to its goal, though it still has trillions to conquer.
Earlier on Friday, SPX6900 (SPX) surpassed a $1.1 billion market capitalization, setting a new record above $1.25, breaking its previous high of 90 cents from November. This surge follows a renewed wave of interest in memecoin cults on Crypto Twitter.
At the same time, AI Agent-based projects like Virtuals (VIRTUALS) and ai16z (AI16Z) saw an average decline of 8%, amid growing criticism of their purported AI capabilities, as noted in a previous CoinDesk analysis.
The Ethereum-based SPX6900 has a total supply of 930 million tokens, and its growing community has embraced the project as a pathway to financial independence.
A key passage from the SPX6900 manifesto reads: “You were born into a world where purchasing a home means taking on a massive mortgage. You’ve entered an investment landscape where the stock market has already achieved its biggest gains, leaving you wondering what’s left for you. You’re navigating a world shaped by the aftermath of 9/11, the financial crash of 2008, a global pandemic, inflation, and a rise in societal tensions.”
It continues: “SPX6900 is the reset. SPX6900 is the canvas for new financial possibilities. It’s the S&P500 with 6400 more. It’s the stock market for the people. SPX6900 is for you, your children, and future generations.”
This rhetoric closely mirrors the origins of Bitcoin, which was born in the wake of the 2008 financial crisis.
Since early 2023, memecoins have shifted from simple dog or cat-themed tokens to full-fledged movements built around specific ideas and beliefs. Communities around tokens such as mog (MOG), giga (GIGA), and SPX have exploded on platforms like X, where users passionately support these tokens despite their non-traditional nature.
SPX6900’s community has helped popularize the phrase “stop trading and start believing in something,” urging members to hold their tokens instead of flipping them for newer projects. This sentiment has helped create a strong, loyal community around SPX.
Some supporters believe that SPX6900 could eventually surpass dogecoin (DOGE), which currently holds a $51 billion market cap, making it the largest memecoin by capitalization.
In a recent interview, popular memecoin advocate @MustStopMurad stated, “It’s the only token with a memetic target. Even if it reaches just a fraction of that—10%, 1%, or even 0.1%—it would still be worth $45 billion. I believe dogecoin is going to be overtaken, as SPX is the BTC of memes.”
Murad also referred to SPX6900 as “the next GameStop,” drawing comparisons to the GameStop phenomenon, where a fervent group of investors caused the stock price to skyrocket.
