SPX6900 Surges 20% While New Meme Coin Could Match Pepe Coin’s Pump
As on-chain activity continues to fuel the bulk of ongoing crypto market volatility, SPX6900 token (SPX) has shot up +20%, surging to hit hot #8 on DEX tools, amid a broader intra-day squeeze in the SPX index.
This comes at a time where the leading TradFi market index faces a great deal of risk and uncertainty; with price struggling to push up against a backdrop of recession fears, earnings woes, and a cumbersome Federal Reserve in the midst of a fine balancing act with rates.
Yet, on-chain activity has been quick to capitalize on this anxiety in TradFi markets, with the aptly names SPX6900 (a meme-themed homage to the SPX ticker) captivating the attention of crypto traders enticed by the chance to out-perform TradFi in dramatic fashion.
Indeed, SPX6900's 24-hour change has already out-performed the annualized return of the S&P500, and technical structure suggests SPX6900 is showing few signs of slowing down.
Following the dramatic upside move, SPX is currently trading in minor localized retracement at a market price of $0.005623 (representing a 24-hour change of 11.87%).
This comes after an impressive multi-month run by SPX6900, which first launched all the way back on August 16 - with an eye-watering +450,000% run in its opening week.
In the month since, SPX6900 price action has seen wild volatility, with price action shifting as much as +/- 60% on the daily.
However, a period of stability - triggered by consolidation above $0.002 - seems to have catalysed an explosive move to the upside, which has now broken high above past resistance at $0.00575.
With a two-month long resistance layer appearing to crack, upside potential from here could see price enter a skyrocket rally.
Yet, despite the dramatic move, SPX6900 has now pushed
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