A crypto cult hoping to flip the entire U.S. stock market just moved closer to its bizarre goal, although with trillions of dollars more to go.
SPX6900 (SPX) crossed a $1.1 billion capitalization earlier Friday to set a new record above $1.25, breaking a November high of 90 cents, amid renewed interest in memecoin cults on Crypto Twitter.
That came as AI Agent projects virtuals (VIRTUALS), ai16z (AI16Z) and the broader category fell by 8% on average, amid criticism of their claimed AI models, as previously noted in a CoinDesk analysis.
The Ethereum-based SPX6900 has a total supply of 930 million tokens, the holders of which have formed a viral cult that professes the project as one of their only ways to financial freedom.
“You were born into a world where buying a house means taking on a mortgage in the hundreds of thousands. You’ve entered an investment landscape where the Stock Market has already celebrated its most significant gains, leaving you to wonder what’s left for you,” part of a manifesto on the SPX6900 site reads. “You’re navigating a reality shaped by the aftermath of 9/11, a 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 6400 more. It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after,” it adds.
The message echoes a similar sentiment to the creation of bitcoin, which was introduced in response to the 2008 financial crisis 16 years ago.
Since early 2023, memecoins have moved beyond mere dog or cat-themed tokens to meme cults that rally behind an idea, a concept or a feel-good reality. Communities of these tokens, such as mog (MOG), giga (GIGA) and SPX, run rampant on social media platforms such as X, where users genuinely believe in these tokens despite their non-serious nature.
The SPX community started the now popular Crypto Twitter line “stop trading and start believing in something,” attempting to popularize holding tokens rather than selling off 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 even flip the likes of dogecoin (DOGE), the current largest by market capitalization of $51 billion.
“It’s the only token with a memetic target,” well-followed memecoin proponent @MustStopMurad said in a recent interview. “Even if it reaches 10% of that, 1% of that, or even 0.1% of that…it is still $45 billion. I do believe dogecoin is going to get flipped as SPX is the BTC of memes.”
“This is the next GME,” Murad added, referring to GameStop and its cult-like following.