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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Newcomer meme coin SPX6900 ($SPX6900) has gone parabolic over the last month, ballooning around 2,439% in the last 30 days alone to trade at $0.8225 as of this writing.
However, the token’s momentum appears to be slowing.
In the last 24 hours, SPX6900 only added 4.4% to its price.
Its current level indicates a 61% advance in the last seven days, making it one of the best-performing among the top thirty meme coins over the last week.
Only Turbo ($TURBO) grew more. Pepe’s fellow Boy’s Club meme coin added 70%.
Broadly speaking, SPX6900’s gains are in line with the rest of the meme coin market, which rose 4.8% overnight to hit a market capitalization of $59.3 billion.
In contrast, the combined crypto market remains virtually unchanged with a 0.4% rise since yesterday to hit $2.39 trillion.
Market leader Bitcoin ($BTC) added 1% overnight and 5% over the week to trade at $65,639.
What is The SPX6900 Meme Coin And How Is It Performing?
SPX6900 launched in August 2023. It is parodying the S&P500, the index that tracks the stock performance of 500 of the world’s largest public companies.
That’s where the similarities end. Because although SPX6900 purports to be a meme coin index, it’s really just a token.
To give it a sense of lore, the developers have built an accompanying troll fake news website to promote the meme coin with headlines riffing on the euphemistic connotations of “69”, a common reference in the irreverent crypto scene.
According to the data, SPX6900’s rise over the last month has been parabolic, frequently challenging the dollar mark since October began. The token hit an all-time high of $0.96 on October 13, but has since declined by about 15%.
A relative strength index of 51 means SPX6900 is priced well right now. The token is likely to consolidate around its current level this week as it aims to go a leg higher.
Hedge Against Possible SPX6900 Price Manipulation With Crypto All-Stars
Meme coins like SPX6900 are extremely volatile, which means although they’re fun and often profitable, their lack of clear fundamentals means traders often solely exploit them for price rises.
SPX6900 also has an added disadvantage in that a huge chunk of its supply is in the hands of meme coin trader Murad (X handle @MustStopMurad), according to X blockchain sleuth ZachXBT. Murad holds 30 million of the 931 million supply, meaning if he dumps his whole stash he could easily crash the price.
However, in the up-and-coming world of token presales, investors are diversifying their portfolios with protocol tokens that add new utility and generate rich rewards for meme coin holders, while hedging against price manipulation.
One such project – a unified staking protocol for meme coin fans—is Crypto All-Stars ($STARS) a revolutionary platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them in the MemeVault and earn passive income in the form of $STARS with a rewards rate currently set at 637%.
The team will integrate more meme coins later.
The project has gained so much popularity that its presale has already raised over $2.3 million.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Stars Presale Website Here
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
