SPX6900 sets record levels as trendy ‘AI agents’ make profits

A cryptocurrency cult that hopes to change the entire US stock market has just gotten closer to its strange goal, though it’s trillions more dollars away.

SPX6900 (SPX) surpassed a $1.1 billion capitalization early Friday to set a new record above $1.25, breaking a November high of 90 cents, amid renewed interest in memecoin cults in Crypto Twitter.

This came as AI Agent (VIRTUALS), ai16z (AI16Z) and the broader category’s virtual projects fell 8% on average, amid criticism of their purported AI models, as previously noted in a CoinDesk analysis .

The Ethereum-based SPX6900 has a total supply of 930 million tokens, whose holders have formed a viral cult professing the project as one of their only ways to achieve financial freedom.

“You were born into a world where buying a house means taking on a mortgage for hundreds of thousands. “You have entered an investment landscape in which the stock market has already celebrated its most significant gains, making you wonder what you have left,” reads part of a manifesto on the SPX6900 site. “You are navigating a reality shaped by the aftermath of 9/11, a devastating 2008 recession, an unprecedented global pandemic, rampant inflation, and escalating violence.”

“SPX6900 is the reboot. SPX6900 is the canvas on which new financial dreams are painted. It’s the S&P500 with 6400 more. It is the stock market for the people. “SPX6900 is for you, your children and countless generations to come,” he adds.

The message reflects 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 gone beyond simple dog- or cat-themed tokens to become meme cults that rally behind an idea, concept, or reality that makes us feel good. Communities for these tokens, such as mog (MOG), giga (GIGA), and SPX, proliferate on social media platforms like X, where users genuinely believe in these tokens despite their non-serious nature.

The SPX community started the now popular Crypto Twitter “stop trading and start believing in something” line, attempting to popularize holding tokens instead of selling them and moving on to newer projects. Some say this is one of the factors that has built a strong community around SPX.

Popular memecoin investors say the token could even convert to dogecoin (DOGE), the largest currently by market cap of $51 billion.

“It is the only token with a memetic goal,” memecoin supporter @MustStopMurad said in a recent interview. “Even if you get to 10% of that, 1% of that, or even 0.1% of that… that’s still $45 billion. I think dogecoin is going to change, since SPX is the BTC of memes.”

“This is the next GME,” Murad added, referring to GameStop and its cult following.