The SPX6900 (SPX) token has done well in the past few weeks as it jumped from a low of $0.1170 on October 1 to a high of $1.200 on October 10. It has then retreated by over 37% to $0.7495, giving it a market cap of $692 million.
With the SPX token now in a bear market, traders are now focusing on Vantard, an upcoming meme coin that will start its seed round on Oct. 23.
Why did the SPX6900 token jump?
The SPX6900 token is a meme coin that aims to be a better alternative to the S&P 500 index, the most popular stock index in the US, which tracks the biggest names in corporate America. It has some of the top companies in the country like Apple, Microsoft, Nvidia, and Tesla.
Established in 1957, the index has jumped from less than $50 to almost $6,000, meaning that $1,000 invested in it at the time, would now be worth over $133,000.
The SPX6900 meme coin is significantly different from the S&P 500 index because it is not made up of any company. Instead, it is based on the simple belief that 6,900 is bigger than 500.
The token has gained traction in the past few months, with data by CoinCarp showing that it has over 17,000 holders. The top ten holders have 30% of all the tokens, while the top 50 hold about 53%.
The SPX token has soared because of the rising demand for meme coins among investors, with data by CoinGecko showing that these tokens have accumulated a market cap of over $61.9 billion.
Most meme coins like Turbo, Cat in a dogs world, Brett, Neiro, and Mog Coin have done much better than Bitcoin and other utility-based coins like Ethereum, Solana, and Avalanche.
Read more: Bitcoin poised to top $70,000 mark this week: here’s what it means for Vantard
Vantard could be the next big thing
Vantard aims to become the next big thing in the crypto industry by creating the first meme coin superfund. Inspired by Vanguard’s success, Vantard will help investors achieve substantial returns in the long term.
There are several reasons why it may become the next big thing in the crypto industry. First, there are signs that crypto investors are more interested in meme coins than other assets. For example, it is not uncommon for meme coins like Turbo and Dogwifhat to have higher volume than blue-chip tokens like Chainlink and Polkadot.
Second, recent data shows that there is robust demand for crypto-focused funds. For one, spot Bitcoin ETFs have just added over $21 billion in inflows this year, higher than what most analysts were expecting.
Third, Billionaire Paul Tudor Jones has expressed support for Bitcoin, citing the rising US government debt and the chances for higher inflation. Additionally, with interest rates coming down, there are chances that demand for risky assets will continue rising in the near term.Additionally, there are signs that Bitcoin is about to make a bullish breakout now that it is nearing the resistance point at $70,000. A move above the all-time high will open the floodgates of the crypto industry in the near term.
You can learn more about Vantard here and participate in its token sale.
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