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

A crypto cult hoping to flip all the U.S. inventory market simply moved nearer to its weird purpose, though with trillions of {dollars} extra to go.

SPX6900 (SPX) crossed a $1.1 billion capitalization earlier Friday to set a brand new report above $1.25, breaking a November excessive of 90 cents, amid renewed curiosity in memecoin cults on Crypto Twitter.

That got here as AI Agent tasks virtuals (VIRTUALS), ai16z (AI16Z) and the broader class fell by 8% on common, 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, the holders of which have fashioned a viral cult that professes the venture as considered one of their solely methods to monetary freedom.

“You have been born right into a world the place shopping for a home means taking up a mortgage within the a whole bunch of hundreds. You’ve got entered an funding panorama the place the Inventory Market has already celebrated its most important good points, leaving you to marvel what’s left for you,” a part of a manifesto on the SPX6900 web site reads. “You are navigating a actuality formed by the aftermath of 9/11, a crippling 2008 recession, an unprecedented world 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’s the inventory marketplace for the individuals. SPX6900 is for you, your kids, and numerous generations after,” it provides.

The message echoes the same sentiment to the creation of bitcoin, which was launched in response to the 2008 monetary disaster 16 years in the past.

Since early 2023, memecoins have moved past mere canine or cat-themed tokens to meme cults that rally behind an thought, an idea or a feel-good actuality. Communities of those tokens, equivalent to mog (MOG), giga (GIGA) and SPX, run rampant on social media platforms equivalent to X, the place customers genuinely consider in these tokens regardless of their non-serious nature.

The SPX neighborhood began the now well-liked Crypto Twitter line “cease buying and selling and begin believing in one thing,” trying to popularize holding tokens slightly than promoting off and shifting on to newer tasks. Some say that is among the many components which have constructed a robust neighborhood round SPX.

Standard memecoin buyers say the token may even flip the likes of dogecoin (DOGE), the present largest by market capitalization of $51 billion.

“It’s the one token with a memetic goal,” well-followed memecoin proponent @MustStopMurad mentioned in a latest interview. “Even when it reaches 10% of that, 1% of that, and even 0.1% of that…it’s nonetheless $45 billion. I do consider dogecoin goes to get flipped as SPX is the BTC of memes.”

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