BlackRock Gradually Acquires SPX6900 Amid Decline in Memecoin Values – Traders Aim for $2 Surge

While Dogecoin, Shiba Inu, and Pepe experienced declines exceeding 5%, SPX6900 ($SPX) defied the trend by increasing 2% to reach $1.66. This marks the asset’s highest value in the past five months.

The Ethereum-based memecoin now boasts a market capitalization of $1.5 billion, outpacing rivals such as FARTCOIN, BONK, and WIF.

The token’s consistent rise stands in stark contrast to the general downturn in memecoin values, solidifying its status among the top five in the sector despite ongoing market fluctuations.

Source: CoinMarketCap

Is SPX6900 the Next $1 Trillion Crypto? Murad Mahmudov Thinks So

SPX6900 serves as a bridge between traditional finance and decentralized investing. By integrating the S&P 500 Index on-chain, it facilitates market access for everyday crypto investors, making it significantly less daunting.

Murad Mahmudov, a prominent figure in the crypto investment space, is a strong advocate for SPX6900. He has even included it in his “Memecoin Supercycle” theory, which posits that tokens like this, despite lacking conventional utility, can yield substantial returns due to their viral nature and robust community support.

Contrary to popular belief, Memecoins *do* possess Utility.
In fact, they address needs that are often more pressing in today’s world than those tackled by Tech projects.
With this insight – consider which Memecoins offer the *best* such service? pic.twitter.com/LHAK98SJfN

— Murad (@MustStopMurad) June 11, 2025

The outcomes are telling. Since its inception in August 2023, SPX has surged by 62,337%. To illustrate, a $1 investment at that time would now be valued at over $62,000, leading the market and surpassing even Bitcoin’s remarkable ascent from $200 in 2013.

Murad’s faith in SPX6900 has only intensified. In April, he published a 97-minute video detailing 150 reasons why its market capitalization could reach $1 trillion.

THIS IS THE MOST IMPORTANT VIDEO YOU WILL WATCH IN YOUR LIFE.
My Official #SPX6900 Investment Thesis.
150 Reasons Why SPX6900 will reach $1 Trillion in Market Capitalization. pic.twitter.com/D3co9Dqo7Y

— Murad (@MustStopMurad) April 24, 2025

His investment appears to be yielding results. After a 35% increase last week, a leaked screenshot of his portfolio indicated that his position had recovered from a $40 million loss to over $55 million in unrealized profits, coinciding with SPX approaching its all-time high.

$SPX Breaks Out With BlackRock Backing—Is a $50 Target Realistic?

The coin’s credibility is further enhanced by the support of significant institutional players.

On-chain data from Arkham shows that BlackRock, the trillion-dollar asset management firm, now ranks SPX as its third-largest crypto asset, following Bitcoin and Ethereum.

BlackRock holds $SPX in its crypto portfolio / Source: Arkham

This prominent endorsement has invigorated the SPX6900 community. On Reddit and other platforms, members are increasingly optimistic, with many advocating for a $50 price target, believing the token still has considerable growth potential.

SPX6900 Just Flipped Major Resistance—Traders Eye $2 Next

The SPX6900/USDT chart displays robust bullish momentum that has persisted since late April.

Prices have been consistently rising within a clearly defined upward channel, with each increase supported by growing trading volume—a classic indicator of sustainable growth.

Key price levels also convey a significant narrative.

After overcoming resistance at $0.60 and $0.80, the token successfully retested these levels, which have now established themselves as solid support zones. This shift from resistance to support affirms the market’s increasing confidence in SPX6900’s upward movement.

At this critical juncture, the token faces its most significant challenge at the $1.64–$1.67 resistance zone—the same level that interrupted January’s rally.

Current price movements are particularly intriguing as the token trades slightly above this level, suggesting buyers may finally possess the strength to breach this historical barrier.

SPX6900 appears to be nearing a local peak for a pullback. It is significantly overbought. If you hold this token, I would consider scaling out soon. A quick surge may occur followed by a pullback.
For those interested in purchasing the token, I would recommend waiting and exploring other ETH memes for the time being… pic.twitter.com/6wK3QUy8RS

— Junny (@junnyBCap) June 11, 2025

Momentum indicators bolster the bullish argument. The RSI’s rise to 81.44 typically indicates overbought conditions, but during strong uptrends, such elevated levels often reflect genuine buying interest rather than an imminent reversal.

With the $1.67 breakout within sight, traders are targeting the next psychological milestone at $2.00. However, some consolidation would be beneficial as the market adjusts to these gains.

The post BlackRock Quietly Accumulates SPX6900 as Memecoin Prices Plunge – Traders Target $2 Breakout appeared first on Cryptonews.