I'm exploring the FOMO App which acts like a crypto wallet and allows for users to make a thesis on coins while all trades and records are public. I aim to make a tiny portfolio there and write some theses in the coins that I like...
SPX 6900
So the first time I heard about SPX 6900 it was (like most people- from Murad who was in a panel about memecoins at token 2049 almost exactly 2 years ago. I kind of was getting sold on memecoins or at least their potential (Link) and tried to look for the spx he was talking about, but I wasn't really able to translate the pronunciation, so I skipped over it, and I missed the initial big pump.
Anyway that talk on Token2049 was pretty epic and it also kind of made sense
The Idea Behind SPX 6900
So SPX6900 is the meme equivalent of the Stock Market SPX500 and kind of represents the idea that nowadays for younger people (and even older ones), it has become impossible to make it in life financially. By creating a new kind of movement who shifts their belief making value from one asset (current stock market) flow into another one (SPX6900), it still becomes possible for 'everyone' to make it.
The Current Memecoin Game is / feels "Rigged"
The reality about memecoins today and the FOMO app is that 95% of the people actually end up losing by actively playing the memecoin game (including myself). Most things that actually end up taking off like recently Super Inu feel super orchestrated by a bunch of whales who sooner than later just dump on people who come in later and who get left stuck with the bags while things move on to the next temporary thing.
SPX is kind of a counter-movement to this as the motto is to persist forever and hold long-term a bit similar to Bitcoin while cost-averaging more.
The Chart
While one of the catchphrases of the community is "There Is No Chart" since the objective is to flip the stock market, I'll still include it here. I would argue that the chart actually looks quite good in that it's not a classic Crazy spike in the first day or week and only downside bleeding afterwards.
SPX had a long initial accumulation period and had a big spote afrterwards which was followed by a big 80% dip afterwhaich the coin made a new high up to 2.2 Billion Valuation. Right now sitting at 400 Million it's another 80% correction which kind of is normal in these coins and it's been in a stable accumulation zone for quite some time holding strong which indicates a bottom.
It's actually quite impressive that it's holding strong at 300-400 Million. Looking at other coins that became massive (which don't really have a big active community behind them, they are off way worse)
| Memecoin | Peak | Now |
|---|---|---|
| Dogecoin | 88B | -83% |
| Shiba Inu | 41B | -92% |
| Trump | 14.5B | -96% |
| Pepe | 11B | -84% |
| WIF | 5.8B | -96% |
| Floki | 3.4B | -92% |
| Bonk | 2.7B | -88% |
| Fartcoin | 2.6B | -94% |
| Brett | 1.5B | -95% |
| MOG | 1B | -97% |
SPX 6900 Comeback & Higher ?
With common marketcaps of 10 Billion+ in memecoins and even a close to 100 Billion valuation of Dogecoin, it feels inevitable that some of them can reach these valuations again or even higher. With the current chart of SPX6900 and the community as one of the strongest in Crypto, I would not be surprised if this would be one of those situations where buying the -80% correction would turn out as a good opportunity and for it to eventually start running and go higher.
Factors In Favor of SPX6900
Even after 2 years, Murad is still going strong on his conviction of SPX6900 even more than before I would argue which I would say none of the other coins have or ever had. In fact, Murad will be giving another talk on October 7th 2 years after his initial talk on Token 2049 and it can be expected that he will present some really strong selling mainly for SPX6900 as that is basically the only coin he's shilling as all the others on his list went nowhere.
So if you hold a bag of SPX6900, you pretty much can be sure that many people are putting in free cult labor woring for your bags as they call it. SPX also has the narrative that the only way to win with memecoins is if everyone unites and opts in on the same coin instead of everyone split between a ton of different coins.
Factors against SPX6900
Some of the things that I don't really like are the fact that they are hammering on having the 'delusional cult' feature which made XRP & Cardano which both fundamentally are garbage go to crazy valuations. However, I don't really buy in that the SPX6900 community actually believes in the things the delusional goals they are setting and the concept of holding forever. If there was a lie detector test, I'm quite sure they would fail it when it comes down to believing their own claims at least the majority. In that regard, the XRP & Cardano guys really are delusional and just very low IQ who actually believe their claims.
Also the entire narrative of having Community as a goal, I just have a hard time to see how a coin like this give some actual longer term purpose at least for a larger group of people. In the end, most only really will care about the potential profit and they all likely have targets where their diamond hands turn into paper.
FOMO App Buy
I added ~500 SPX to my fomo portfolio just for tracking purpose on the coins that I'm making a thesis on...
Conclusion
As someone who gets the concept of Memecoins and the potential they can have but not willing to spend 24/7 of my life following what it hot but rather just hold and sit back, SPX interests me and an option. Basically, join the strongest memecoin community with a leader behind it who I relate to in his reasoning after a 80% correction and believe in something. There are some catalysts going forward also with the upcoming Token 2049 Speach of Murad which should shine some light on SPX6900. I've been building my bag for a while and it's is my biggest memecoin position by far and I kind of turned into an SPX6900 Maxi given how most other memecoins get rugged or see their community give up eventually
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