SPX6900 (SPX) has all the markings of a viral token, including relatively volatile market prices. It turns out SPX is also comparatively decentralized and has no signs of insider holdings or large wallet clusters.
SPX6900 (SPX) has built up a wide user base, a year after its launch, and is a good example of a decentralized meme token. The asset appeared after a year of ‘cabal coins’, where Bubblemaps pointed out that the team or early snipers owned more than 70% of the supply. Bubblemaps has been a critic for multiple hot projects, including celebrity meme WAP supported by CardiB, as well as insider-held versions of NEIRO.
In the case of SPX, the token is still at the top when it comes to mindshare, but its spread and promotion did not come from a single group of entities. SPX is the top asset mentioned by influencer Murad Mahmudov, who advises all meme token investors to check for wallet clusters. SPX distribution is just a snapshot and does not guarantee the community will retain the same structure. However, the wide distribution is a positive sign for selecting other meme tokens.
At its deployment date, SPX only had the Uniswap V2 cluster, which distributed the tokens. There were no connections between the initial buying wallets. The token traded at a low price range for a year, forming relatively small clusters which shed their holdings over time.
In total, the top 10 clusters of SPX hold 16% of the supply, but the biggest cluster only has 3.5% of the tokens. Those holders can still sway the market price, but may not coordinate to shed tokens onto new buyers. In comparison, the 3AC token, which tried to present itself as community-owned, is actually 85% sniped by large clusters.
SPX was discovered and promoted by Murad Mahmudov, who spent weeks building up his portfolios. In total, his cluster contains around 3% of the supply in known public wallets. There are also expectations that those wallets may never sell, after they were doxxed by ZachXBT.
SPX6900 dips by 20% after whales sell
Despite the claims of being a movement, similar to the early Bitcoin (BTC) community of maximalists, SPX remains risky in the short term. Mahmudov sets the expectations for a ‘diamong hands’ community, despite examples of whales cashing out.
SPX reached a peak at $0.91, then corrected to $0.63 after one of the biggest addresses liquidated all holdings for realized profits of $2.4M. The token still relies on Uniswap liquidity pairs, and has no campaign for listings even on MEXC, Bitget or other centralized markets open to meme tokens.
Meme tokens often go through deep drawdowns, then make a return. SPX already outperformed, rising by 100X within days, and has broken the trend. However, the token is still building its movement, going for the cult status of PEPE, WIF, POPCAT and other communities. SPX has the additional ambition of becoming the meme token of meme tokens, tapping speculative trading, even better than altcoins.
SPX still expanded its liquidity, up to $9.5M on Uniswap pairs. The asset is valued at $612M for all tokens outstanding, and may have a shot at a $1B market cap, similar to WIF and POPCAT. Newer tokens move faster to that price range, which took years for some of the earlier meme projects. At its peak, SPX was valued above $850M.
Additionally, 14.26% of the SPX supply has been bridged to Solana, which brings different holding dynamics. The top token contains 6.24% of the SPX supply on Solana, and is an active meme token flipper. Solana holdings may contain a different profile of sniped tokens and wallet clusters, though distribution is still linked to smaller retail wallets.
SPX is also creating its own sphere of influence, adding hype for GIGA and GOAT and hoping for similar performance. SPX also gained a listing on Getpip.com, which focuses specifically on the bridged Solana version. SPX also gained a Poloniex listing, potentially finding new sources of liquidity.
The SPX6900 project is also expanding the risk for phishing scams and fake tokens. Any airdrops, presales or other messages may be used to exploit wallets through phishing links.
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