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The meteoric rise of meme coin SPX6900 helped a savvy crypto trader turn a $153,000 investment into a staggering $6.44 million in just two months, securing a 42x return.
The whale investor bought 7.793 million $SPX for $153k between July 31 and Aug. 15, Spot On Chain said in an Oct. 14 post on X. With 7.15 million $SPX tokens still in hand, the trader’s remaining holdings are valued at about $5.91 million.
A whale with a $6.44M profit (42x return) is cashing out $SPX!
Notably, the whale spent just $153K to buy 7.793M $SPX between Jul 31 and Aug 15.
With the recent price surge, the whale began unloading $SPX 11 hours ago, totaling 793,092 $SPX ($687K) sold for 280.5 $ETH, leaving… pic.twitter.com/a0XNbedeMU
— Spot On Chain (@spotonchain) October 14, 2024
SPX6900 (SPX) is an ERC-20 parody meme coin of the stock index S&P 500, which tracks the 500 largest companies in the US. The meme coin launched over one year ago and remained stagnant for about 391 days before its meteoric rise began.
SPX6900 Soars 3,000% While Markets Remain Choppy
The SPX price has skyrocketed by about 3,000% since Sept. 17, when it first broke above the year-long consolidation zone. In just 27 days, the meme coin has soared to market capitalization of $773 million, from $24 million, and is now the 17th largest meme coin.
The SPX price pump came despite the broader crypto market remaining largely flat during the same period, with Bitcoin range bound.
The SPX price is trading at $0.8303 as of 8.48 a.m. ET, down 10.8% in the last 24 hours, according to CoinGecko data.
SPXUSDT Chart Analysis (Source: Tradingview)
Murad Mahmudov Made 61x Return On SPX6900 In Four Months
Controversial trader Murad Mahmudov, with more than 275k followers on X, also made hefty returns from SPX. Investing $387,000, he turned it into $23 million in just four months, a 61x increase.
Murad recently shared on his X account that the market is in a meme coin supercycle and that “2025 will be the year where meme coins go parabolic.”
If you’re going to watch ONE video during this Memecoin Supercycle… Watch this.
2025 will be the Year where Memecoins go Parabolic.
Watch this Video to Understand Why. pic.twitter.com/7JgMyOHdCp
— Murad 💹🧲 (@MustStopMurad) September 27, 2024
But last week, on-chain investigator ZachXBT alleged that Mahmudov promotes microcap meme coins while controlling their supply.
In an Oct. 9 post on X, ZachXBT identified 11 Ethereum and Solana wallets he said are linked to Mahmudov, which collectively hold over $24 million in assets, raising concerns about transparency and potential conflicts of interest in his promotional activities.
“Murad is promoting microcap meme coins to thousands and thousands of followers while controlling the supply and making very lofty predictions,” ZachXBT said. “People deserve to know the wallets so they can make informed decisions.”
Looking For The Next Meme Coin To Explode
Investors looking for the next meme coin gems often turn to presales. Among analyst favorites right now are Pepe Unchained (PEPU), which has rocketed past $19.4 million in funds raised in its blockbuster presale, and Crypto All-Stars (STARS), which is offering an annual staking yield of 652%.
Pepe Unchained seeks to liberate PEPE from the constraints of its outdated Layer 1 infrastructure, and will thus operate on its own proprietary Ethereum Layer 2 blockchain. YouTuber Austin Hilton said recently that the PEPU presale might be the best meme coin launch of all time.
Crypto All-Stars is an innovative new project that allows investors to stake multiple top meme coins on one platform via its breakthrough MemeVault protocol.
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