We are big fans of SPX, but we recently exercised caution. It was one of the best-performing assets in recent months, backed by a supportive community. Yet, as we've learned time and again, even the strongest assets can face tough headwinds in this challenging market. We have recently taken profits, and out thesis has changed slightly. Read to discover all about SPX6900 and our updated thesis.

In this report:

• Memecoin Supercycle Recap
• SPX6900 Introduction
• Community & Culture
• Website & NFTs
• How to Buy SPX6900
• Price Targets
• Closing Thoughts

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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The Memecoin Supercycle: A 9-Month Recap

In early 2024, the memecoin supercycle took the crypto market by storm, turning niche joke coins like WIF and POPCAT into serious investment contenders. Memecoins, especially community-driven ones, became the top-performing segment, outpacing corporate-backed tokens. Organic memecoins thrived through community support, while VC-backed coins often relied on manipulative tactics, creating a divide in the market.

The surge of low-quality coins, fueled by platforms like PumpFun, led to oversaturation, with less than 1.5% reaching a $1M market cap. Celebrity-endorsed coins also saw rapid rise-and-fall cycles, leaving many investors holding worthless tokens.

New themes like NationFi and PolitFi briefly attracted attention but struggled in the cutthroat market. As hype fades, there's a growing shift toward high-quality memecoins with genuine community backing and innovative narratives. Investors are now seeking the next billion-dollar memecoin with the potential to redefine the landscape.

The lesson from the last six months is clear: the market is ready for the next big organic success story.

Introducing…

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SPX6900

SPX6900 is a parody memecoin inspired by the iconic S&P 500, the go-to stock market index. It offers a satirical twist on established financial systems, teasing investors with the playful message: 'Ever heard of the S&P 500? We’ve got something better.' As the S&P 500 serves as a key indicator for global markets and financial assets, SPX6900 emerges as a natural extension of financial protest, drawing inspiration from movements like GME and WallStreetBets. More than just a coin, it’s a lighthearted yet bold rebellion against the norms of traditional finance.

Why settle for a mere 500 when you can have 6900, right? It's built around the idea that 6900 is a "bigger number" than 500, humorously suggesting that SPX6900 holds more value or significance than the S&P 500 index.

It is a 1-year-old memecoin that has already weathered the initial volatility and recovered from multiple drawdowns, making it a clean play created before the PumpFun “sh*tfest" and memecoin supercycle talks. Its longevity speaks to a resilient foundation and sustained interest from the community.

Additionally, the coin demonstrates strong price action and a fair distribution of its supply. Unlike many coins that suffer from a high concentration of tokens held by a small number of individuals, SPX6900 takes a more balanced approach. By ensuring a wide distribution of tokens across a larger pool of holders, SPX6900 promotes healthier market dynamics, reducing the risk of manipulation by large holders ('whales').

As the meme goes, SPX6900 is normie-friendly—crypto-speak for 'Even your uncle who still uses a flip phone might get this.' Almost everyone investing has heard of the S&P 500 at least once, making SPX6900 easily accessible to a broad audience. The stock market, especially the 'buy the dip and hold forever' S&P 500 cult, is bigger than Bitcoin itself. A whole generation of investors has been psyoped into the mindset of buying and holding the S&P 500 for the long term, but our meme takes it further: it's the S&P 500 with 6,400 more.

It’s not just another animal coin in an already saturated market with clear winners. Instead, SPX6900 is something new and bold, aiming to challenge the traditional financial markets. This gives us confidence that the addressable market is vast. In fact, it originates from the same era as MOG, but flew under the radar until recently.

SPX 6900 Community, Culture and NFT 

A strong, engaged community is the cornerstone of any successful memecoin. SPX6900 hasn’t just attracted a following—it’s built a vibrant, cult-like legion of passionate supporters who are dedicated to the core and brimming with energy.

SPX6900 Website

SPX6900’s website and NFT collection are a testament to the community’s spirit and sense of exceptionalism. The website, a playful nod to Bloomberg, is filled with slick visuals, anime, and humorous video masterpieces that perfectly capture the essence of the project. It’s clear: SPX6900 is infinitely superior to the S&P 500. Forget trading—just believe. Anyone interested should definitely take the time to explore the site and experience the content and videos firsthand— a must-see.

 

In all honesty, if memes had a Mecca, this website would be it. It's not just the best we've seen among memes; it's like the community has meme magic in their veins, turning everything they touch into comedic gold.

SPX 6900 Key Phrases

To truly appreciate the community's humour and conviction, it's essential to first understand the meme’s culture. This culture is rich with nuance, and holders often use specific key terms when communicating with each other. Here are some of the most important ones.

• Believe in something
• Flip the S&P500
• Please Buckle up
• Flip the stock market
• Gmaeon
• The S&P500 with 6400 more
• There is no chart
• $69,000 is the target
• Entire stock market in tiny little crypto coins
• Ethereum Science Technologies

SPX6900 AEON NFT Collection

And let's talk about their NFT collection, "Project AEON". One of the backstories of the NFTs involves a so-called "quantum glitch" in a lab, which, breathed digital life into 3,333 entities known as Aeons. These aren't your average NFTs; they're "cute angels" on a mission to flip the S&P 500.

Oh, and then there's the SPX6900 Merch: it's the ultimate badge of honour for the cult-like followers, showcasing not just their commitment but also featuring some of the coolest artwork. 

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Token info

Being an Ethereum native token, the SPX6900 could grow to be a solid ETH beta. ETH has been lagging so far this cycle and seems to have been bottoming since it became almost a consensus to be bearish on ETH. Therefore, Ethereum-based memes can be a strong move in case ETH starts outperforming.

Apart from Ethereum, this token has bridged versions on Solana and Base for retail traders to flip for fun with cheaper transaction fees but with less security. This dual-playground strategy might just make SPX6900 the cross-chain play we never knew we needed.

Exchange Listings

Centralised Exchanges (CEXs) are increasingly recognising the potential of SPX as well, with several smaller platforms like CoinEx, AscendEX, and BitMart already announcing listings. Given the current trend, it's only a matter of time before top-tier (Tier-1 and Tier-2) exchanges follow suit and list SPX, expanding its visibility and accessibility in the broader crypto market.

Here is more detailed information about the token:

• • Ticker: SPX
  • Market cap: $448m

• Contract address:
  • Ethereum: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c
  • Solana (bridged): J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr
  • Base (bridged): 0x50dA645f148798F68EF2d7dB7C1CB22A6819bb2C

Why SPX is on different chains and what does it mean?

Being an Ethereum-native token, the most liquidity is on Ethereum. In other words, if you want to invest a substantial amount, you will need to buy SPX on Ethereum to avoid slippage. 

Alternatively, there are bridged versions on Solana and Base. However, bridged tokens are less secure than native tokens because there is a possibility of the bridge getting hacked. Therefore, buying SPX on Solana or Base is best for those who intend to invest a relatively small amount of capital to account for these risks.

Further, some blockchain screeners can also show it as mintable on the bridged chains. This is alright. This is how bridging works: it fragments the liquidity and makes it mintable on a destination chain while locking the native assets on the source chain. 

When bridged back the minted tokens are burnt and the native assets are unlocked on the source chain. This ensures that the supply of the token never changes and is always kept on a 1-to-1 basis.

However, we strongly recommend holding a native version of the token on Ethereum to avoid any bridging or liquidity risks.

Now let’s move to price targets…

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Price targets

We generally use a mix of quantitative and qualitative analysis for our price targets. However, the recent price action of SPX is an anomaly and can introduce bias to a model. Therefore, we will rely only on a qualitative approach (memetics) for now, and later we can come back once more price data is available.

Thus, we have the following price targets for SPX6900:

• 1st target: $69 million (already hit).
• 2nd target: $169 million (already hit)
• 3rd target: $690 million (already hit)
• 4th target: $1 billion (already hit)
• 5th target: $1.690 billion (already hit)

As we can see, we didn't miss when chose SPX as our meme pick. Five targets were hit, resulting in whopping 16,199% gain since we first called to all-time highs. However, in early February we published a suggesting taking profits and protecting capital. SPX is down roughly 47% since then.

Despite being big fans of SPX, we are now more conservative given weakness in the broader memecoin market. Therefore, moving on we have slightly more conservative targets for a foreseeable future. Let's look at the price action:

• Base target: $1
• Best target: $1.69

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Risks to consider before buying SPX

Narrative-driven: Memecoins don’t have traditional utility. Their value is based on narratives and profit expectations, but when sentiment shifts, their value can drop sharply.

Volatility: Memecoins are extremely volatile, often losing up to 80% in days. This unpredictability, driven by hype and sentiment, makes them a high-risk, high-reward investment. Investors need strong market knowledge and emotional control to endure such swings.

Regulatory risks: Memecoins face regulatory uncertainty. Agencies like the SEC may target them, especially those resembling securities. However, SPX is community-owned with no centralised control, which may shield it from some scrutiny.

Bridge risks: Buying bridged tokens involves trusting the bridge’s management. Centralised bridges risk fraud, while decentralised ones can be vulnerable to hacks. Liquidity can also be an issue, and bridged tokens may not always maintain their 1:1 value with native tokens.

If you have considered everything from upside potential to risks involved here is how to buy SPX

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How to buy SPX

• Step 1: Choose a centralised exchange for fiat on-ramp
  • Popular centralised exchanges include Binance and Coinbase.
• Step 2: Create and verify your account
  • Sign up for an account on the chosen exchange and go through the verification process
• Step 3: Deposit funds
  • Deposit funds into your exchange account. You can typically use bank transfers, credit/debit cards, or cryptocurrency transfers.
  • Check the exchange's supported payment methods if you are depositing fiat currency (like USD or EUR).
• Step 4: Buy SOL if you intend to buy SPX on Solana/ETH for Ethereum or Base
  • Navigate to the trading section of the exchange.
  • Search for the SOL or ETH trading pair (e.g., SOL/USDT, ETH/USDT)
  • Decide on the amount of SOL you want to purchase and choose between a market or limit order.
    • Market order: Buy SOL/ETH at the current market price.
    • Limit order: Set a specific price at which you want to buy SPX. The order will be fulfilled once the market reaches your specified price.
  • Review the order details and confirm the purchase.
• Step 5: Withdraw SOL/ETH to your wallet
  • After purchasing SOL/ETH, withdraw the tokens to a secure wallet like Phantom (for SOL) or Metamask (for ETH).

• Step 6: Install Phantom/Metamask wallet
  • Download and install the Phantom/Metamask wallet extension for your browser from the official websites above.
  • Create a new wallet or import an existing one using your recovery phrase.
• Step 2: Secure your wallet
  • Write down and securely store your recovery phrase. This phrase is crucial for recovering your wallet in case of loss or device failure. Keep it safe!
• Step 3: Fund your wallet
  • On Ethereum/Base: Deposit Ethereum-supported tokens like ETH/USDT/USDC to swap them for SPX. 
  • On Solana: Deposit Solana-supported tokens like SOL/USDT/USDC to swap them for SPX.
• Step 4: Use the built-in swap feature
  • Open the Phantom/Metamask wallet and navigate to the "Swap" tab.
  • Choose the token you wish to swap (e.g., USDT) and select SPX as the output.
    • SPX contract address: 
      • ETH: “0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c”
      • SOL: “J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr”
      • Base: “0x50dA645f148798F68EF2d7dB7C1CB22A6819bb2C”
  • Enter the amount you want to swap and review the transaction details, including the estimated network fees.
  • Confirm the transaction and approve it within the Phantom/Metamask wallet.
• Step 5: Verify the transaction
  • Once the transaction is complete, you'll see the updated SPX balance in your Phantom/Metamask wallet.

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How to bridge SPX from Solana/Base to Ethereum

As we mentioned earlier, both Solana and Base versions of SPX6900 are less secure than the native version on Ethereum. We favour holding native versions of tokens on the original chain. 

But let’s assume you were holding the bridged version for convenience and decided to bridge tokens to Ethereum, here is how to do it.

Action points:

1. Go to Mayan Finance and connect your wallet.
2. In the “Select token” section navigate to "Show Wormhole Portal tokens" and put a tick.
3. Then paste the token address: J3NKxxXZcnNiMjKw9hYb2K4LUxgwB6t1FtPtQVsv3KFr
4. For Base use the following address: 0x50dA645f148798F68EF2d7dB7C1CB22A6819bb2C
5. For a destination chain choose Ethereum and select SPX token with the "Bridge" tag attached 
6. Alternatively, simply paste the token address: 0xe0f63a424a4439cbe457d80e4f4b51ad25b2c56c
7. Next, click "Allow Mayan to use your SPX" and confirm the transaction
8. Lastly, click "Bridge" and confirm the transaction
9. Your tokens should arrive to your Ethereum wallet shortly

 

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Cryptonary’s take

We genuinely love SPX - the camaraderie, memes, and momentum are unmatched. However, due to broader dispersion in the market and macro economic uncertainty, we remain somewhat conservative at the moment. Just like, Crypronary's other meme picks, it was/is one of the strongest performers in the last 6-9 months.

But we have been 2 years into the bull market and roughly 5x from BTC's lows. Exercising caution and preserving capital is key at the moment. Therefore, our targets remain conservative for now and will watch how market will develop in the future.

Cryptonary, OUT!