SPX6900 Token Could Be A $1 Billion Meme Coin, But Is It Too Late To Buy Now?

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The meme coin supercycle is underway, with several high-potential tokens racing to join the billion-dollar club. 

Lately, the SPX6900 coin has been one of the top performers in the sector, up by 130% over the past week. With a current market capitalization of just over $800 million, experts believe the meme token could reach a $1 billion valuation in October. 

However, SPX6900 (SPX) is no longer a low-cap gem and sidelined investors are mulling if it could be too late to earn outsized returns with it. Instead, presale meme coins like Pepe Unchained and Flockerz are yet to go live and are being backed by experts as the next crypto to explode. 

Prominent Crypto Influencers Bullish On SPX6900 – How High Can It Go?

With an unrealistic goal of reaching a higher market cap than the S&P 500, the SPX6900 project is a satire on Wall Street and has become the latest meme coin phenomenon. 

While SPX6900 is a utility-less meme coin, it does have strong backing from prominent crypto influencers, including Murad (@MustStopMurad), a notable meme coin investor with over 275k X followers. 

In fact, Murad has SPX6900 as his highest-conviction play going into the meme coin supercycle. 

Recently while shilling the meme coin to DeFiance Capital founder and prominent crypto investor Arthur Hayes, Murad called SPX6900 a “one-of-its-kind memetic movement” that could potentially reach a market capitalization north of $100 billion. Notably, this would be $16 billion higher than Dogecoin’s all-time high valuation of $84 billion. 

Murad isn’t the only crypto influencer hyping up the meme coin. GEM INSIDER (@gem_insider) – with over 130k X followers – made an early “Buy” call on SPX6900 at $0.0022. It has since reached a new all-time high of $0.96, which is over 43x returns in less than a month. 

He now claims that the SPX6900 coin is headed to $6.9 next. 

With the hype and FOMO surrounding the meme coin reaching a fever pitch, it appears poised to hit the $1 billion market cap. However, a FOMO buy here from sidelined investors could be a reckless move. 

Is It Too Late To Buy The SPX6900 Coin?

The SPX6900 price is up by over 3000% over the past month, without any major pullbacks. 

Therefore, the possibility of a strong correction can no longer be ignored. For instance, data from Lookonchain reveals that whales have started to take profits, which typically results in a steep decline in meme coins. 

Furthermore, SPX6900 is heavily backed by prominent crypto influencers. Such projects see a sharp correction in their prices once the influencers decide to offload their holdings. 

For instance, popular crypto analyst ZachXBT (@zachxbt) reveals that Murad holds 30 million SPX6900 coins, which pans out to nearly $27 million at the current price. Zach has also made Murad’s wallet addresses public, claiming to increase transparency in the meme coin space. 

However, this means that if Murad ever decides to take profits – even on a small portion of his holdings –  it would likely result in panic-selling from other holders. 

Consequently, crypto analyst Asad (@xbtcas) claims that sidelined investors should ideally wait for a 30% to 40% dip in the SPX6900 price rather than FOMO buying at the current price. 

Are Pepe Unchained and Flockerz The Next Crypto To Explode?

As previously stated, SPX6900 is no longer a low-cap meme coin and can only offer limited returns. 

On the contrary, smart money investors are hunting for true low-cap gems like Pepe Unchained (PEPU). Indeed, PEPU is seeing one of the hottest presales of 2024 and has already raised nearly $20 million in its ICO. 

Unlike SPX6900, PEPU is also a utility-driven meme coin. In light of the ongoing supercycle, it is launching a Layer-2 scaling solution on Ethereum, specifically for meme coin trading. 

The PEPU Layer-2 ecosystem will have an L2 chain, block explorer, DEX chain and even developer grants for new projects. 

With its unique value proposition and robust presale demand, it is no surprise that Pepe Unchained is being backed by some analysts as the next 100x crypto. 

Flockerz (FLOCK) is another low-cap meme coin that is in high demand, having already raised nearly $700k in its presale. 

This self-proclaimed “people’s meme coin” is introducing a novel vote-to-earn platform, allowing FLOCK holders to determine the direction of the project with their votes and get paid for it. 

Additionally, presale FLOCK investors will also be eligible for attractive staking rewards, currently at an APY of over 2500%.

Similar to PEPU, many prominent investors are aiming to net up to 100x returns with Flockerz, with some calling it one of the top meme coins to buy now. 

*Cryptonomist did not write the article or test the platform.