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Cryptocurrency News Articles
SPX6900 Meme Coin Hits Record High as Investors Bet on Uptober and Similar Tokens Rebound
Oct 04, 2024 at 11:07 pm
SPX6900, a relatively new meme coin, is firing on all cylinders as investors bet on Uptober, and as most similar tokens rebound.
SPX6900, a new meme coin, is firing on all cylinders as most similar tokens rebound and investors bet on Uptober. The SPX token soared to a record high of $0.2406, bringing its market cap to over $221 million.
Meme coins are bouncing back. SPX6900 is a new meme coin with a unique angle. It is based on the stock market, unlike other coins that are based on animals like cats, dogs, and hippos.
Its goal is to become the biggest meme coin by replicating the success of the S&P 500 index, which has a long track record of gains.
Three main factors contributed to the token’s price increase this week. First, its price increased after BitMart became the first cryptocurrency exchange to list it. Before that, Uniswap, Raydium, and Balancer were the decentralized exchanges where the majority of its trading took place.
As a result, there is a good chance that tier 1 exchanges like HTX, Bybit, and Binance will list it as its market cap continues to rise.
Second, the meme coin SPX6900 increased in value as a result of the ongoing recovery of most cryptocurrencies, including meme coins. On Friday, Bitcoin increased to $62,500 while the total market cap for all coins reached $2.12 trillion.
Meme coins, on the other hand, saw an increase in value, bringing their total market cap to over $50 billion. Baby BNB, Keyboard Cat, Doland Tremp, and Gigachad were among the most notable gainers, each increasing by more than 50%.
Third, on-chain data reveals that the number of SPX6900 token holders continued to rise, reaching a record high of 7,530 on Friday. This is a substantial increase given that the token had less than 5,000 holders a few weeks ago.
However, there is a possibility that the SPX token’s rally will be short-lived. Typically, meme coins that experience a lot of Fear Of Missing Out (FOMO) rally tend to correct sharply once the momentum fades.
The other risk is that inflation could remain high, prompting the Federal Reserve to maintain higher interest rates for an extended period. Furthermore, the US公布了强劲的就业数据,其中非农业就业人数 (NFP) 增加超过 24 万。此外,由于地缘政治风险加剧,原油价格正在上涨。
Moreover, the fear and greed index is still in the green zone, indicating that investors are somewhat hesitant to invest in cryptocurrencies. The index fell back into the fear zone at 35 after rising to the green zone at 61.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- PayPal Completes First Corporate Payment Using PYUSD Stablecoin
- Oct 05, 2024 at 02:25 am
- PayPal has successfully completed its first business transaction using its own stablecoin, PayPal USD (PYUSD). But the exact payment amount was not disclosed. This highlights the steady use of crypto assets for payment purposes.