SPXHits $1.5B Market Cap First Time As Open Interest Rises

Memecoin SPX6900 crossed the $1.5 billion market cap for the first time on January 7, 2024, marking a major milestone.

This follows increased trading activity and increased interest in meme coins as an asset class in the crypto market. It goes without saying that SPX6900 (SPX), commonly known as the January effect, has placed it among the best-performing digital assets in the early days of 2025.

Trading at $1.53, the token gained 1.87% in value over the last 24 hours, with daily trading volume exceeding $95 million, underscoring growing investor interest.

As PX’s market cap surpassed $1.5 billion, its price rose to $1.80, marking a significant turning point in the token’s performance in the last quarter of the year. Retrieved from Coinglass by Crypto.news.

SPX is a meme coin that runs on the ETH blockchain and emerged at a time when meme coins continue to capture market attention with their combination of speculative appeal and cultural resonance. Described in its unofficial manifesto as the “people’s stock market”, the token symbolizes a movement towards economic emancipation and an alternative to traditional systems of wealth creation. As of today, the circulating supply is estimated to be around 931 million, and approximately 6.9% of the tokens, or roughly 69 million, have been burned. The token uses Wormhole technology as a cross-chain asset, increasing usability on different blockchain sites.

SPX’s market perspective

From a market perspective, the token may rise with the support of bullish technical indicators. Moving Average Convergence Divergence (MACD) sees the MACD line crossing above the signal line, a classic bullish indicator.

MACD analysis of SPX6900 shows bullish momentum with a significant bullish crossover in late 2024, indicative of continued buying pressure and increasing market excitement in early 2025. Source: TradingView

The MACD histogram displaying green ascending bars signifies sustained buying pressure. Additionally, the increase in trading volume indicates continued excitement in the market.

With the SPX price reaching $1.50, open interest in SPX futures exceeded $65 million; This reflects increased trader participation and bullish sentiment in early January 2025. Retrieved from Coinglass by crypto.news.

Additionally, according to Coinglass, open interest in SPX futures has increased steadily and exceeded $65 million on January 7, 2025. Identifying trader inflows indicates increased trader sentiment and willingness to operate in the derivatives market. Increasing open interest and an increase in the number of holders indicate that SPX is increasingly being adopted. According to Santiment, the number of owners increased from 14,955 in October 2024 to over 23,667 in the last week of December 2024; This reflects the market confidence the token witnessed in early January.