SPX6900 Hits Record Highs as Trendy ‘AI Agents’ See Profit Taking

The cryptocurrency cult, which hopes to upend the entire US stock market, is close to achieving its bizarre goal, although there are trillions of dollars waiting for it.

The value of the SPX6900 (SPX) surpassed $1.1 billion earlier Friday to set a new record above $1.25, shattering the November high of 90 cents, amid renewed interest in memecoin cults on Crypto Twitter.

This came as Virtual AI Agent projects (VIRTUALS), ai16z (AI16Z) and the broader category fell by 8% on average, amid criticism of the alleged AI models, as previously noted in a CoinDesk analysis.

The Ethereum-based SPX6900 has a total supply of 930 million tokens, and holders have earned… Formed a viral cult Who declares that the project is one of their only ways to achieve financial freedom.

“You were born into a world where buying a home meant taking out a mortgage worth hundreds of thousands. You entered an investment landscape where the stock market has already celebrated its most significant gains, leaving you wondering what you have left,” part of the statement on the SPX6900 website reads. “You are navigating a reality shaped by the aftermath of 9/11, the crippling 2008 recession, an unprecedented global pandemic, runaway inflation, and escalating violence.”

“SPX6900 is the reset. SPX6900 is the canvas on which new financial dreams are painted. It’s the S&P500 with 6,400 more. It’s the people’s stock market. It’s for you, for your children, and for countless generations after it,” he adds.

The letter reflects similar sentiments to the creation of Bitcoin, which was introduced in response to the 2008 financial crisis 16 years ago.

Since early 2023, meme coins have moved beyond dog or cat-themed tokens to meme cults that rally behind a feel-good idea, concept, or reality. Communities of these tokens, such as mog (MOG), giga (GIGA), and SPX, are prevalent on social media platforms like X, where users truly believe in these tokens despite their non-serious nature.

The SPX community started the now-famous Crypto Twitter line “Stop Trading and Start Believing in Something,” in an attempt to promote holding on tokens rather than selling and moving on to newer projects. Some say this is among the factors that have built a strong community around SPX.

Popular memecoin investors say the token could upend even the likes of Dogecoin (DOGE), which is currently the largest by market capitalization at $51 billion.

“It’s the only token that has a meme purpose,” @MustStopMurad, a well-followed memecoin proponent, said in a recent interview. “Even if it gets to 10% of that, or 1% of that, or even 0.1% of that… it’s still $45 billion. I think Dogecoin will be flipped because SPX is the Bitcoin of memes.”

“This is the next GME,” Murad added, referring to GameStop and its followers.