As the price of SPX6900, a memecoin whose avowed goal is to eventually have a larger market cap than that of the S&P 500, has surged, top holders are offloading their tokens.
SPX6900 has increased a whopping 1,840% in the past 30 days to 74 cents, giving it a market cap of $640 million at presstime, data from CoinGecko shows. That’s still an incredibly long way from approaching the market cap of the S&P 500, however, which currently sits at $45.8 trillion, according to Ycharts.
As SPX6900’s price has spiked, a number of smart money wallets have substantially decreased their holdings, according to data from Nansen.
Nansen defines “smart money” as addresses that have an onchain track record of profitability, from a number of actions such as acting as a liquidity provider for decentralized exchanges or staking.
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The total balance of SPX among Nansen-labeled smart money addresses on Ethereum has tumbled nearly 57% in the last 30 days from about 67.8 million tokens to 29.3 million tokens.
For example, one smart trader (0x715) scooped up roughly 5.3 million SPX about a month ago worth about $59,000 at the time and $3.8 million on Thursday. This wallet has since offloaded their entire SPX holdings.
More recently, another smart money address (0x4a2), which still holds over $2.1 million worth of SPX tokens, decreased its overall balance for the first time in 2024. Per Nansen’s data, the address sent roughly $520,000 of SPX tokens to various liquidity pools on Uniswap in the last 24 hours.
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Murad Mahmudov, a prominent memecoin enthusiast, has been a huge booster of SPX6900, arguing the token will eventually become the largest memecoin by market cap. His 11 known wallets on Ethereum and Solana have a combined holding of nearly 30 million SPX tokens worth about $22 million. These 11 wallets have not transferred out any SPX tokens so far, onchain data shows.
SPX is currently on three blockchains: Ethereum, Base, and Solana. Across these networks, the number of SPX holders stands at more than 50,000, per various block explorers. On Ethereum, 72% of SPX holders picked up the memecoin for the first time within the last 30 days. These holders make up 30% of all tokens on Ethereum, highlighting a wave of new participants in the attempt to flip the traditional S&P500. In comparison, on Solana, 93% of SPX holders picked up the token within the past month and are responsible for almost 26% of tokens on Solana.
