SPX6900 (SPX) has gained more than 12% in the last 24 hours and trading volume has increased by 62% at press time.
However, the memecoin industry has been in a steady decline since the crash on October 10, but there are signs of revival. Still, these periods of gains have not been widespread across the industry, as a few memes tend to outshine others.
In SPX’s case, both increased daily volume and increased on-chain activity contributed to SPX’s recent rise.
Solana whales use SPX6900 due to increase in transfers
Whales from this high volume Solana (Sun) They were the biggest contributors to capital inflow. According to Nansen AI, these whales increased their holdings by more than 65% in the last 24 hours.
In addition, the decrease in foreign exchange balances by more than 3% is another indicator of accumulation.
But other major players played no part in this. So the top 100 addresses, smart money and well-known people reduced their positions. This meant that whale capital outweighed that of other major players and hence a higher price.
Moreover, the amount of transfers and the number of transactions on the Ethereum (ETH) network began to recover from the monthly low set three days ago.
Numerically, the transfer amount increased from 2,899 million SPX to 11,313 million tokens, which represents an almost 4x increase. The number of transactions increased from 986 to 1,808; This is equivalent to a 2x increase in the last three days.
Moreover, the cryptocurrency has benefited from overall risk flows resulting from waning fears of aggressive Fed policy. Thus, the DEX volume of memecoins reached $11.63 billion, driven by volatile tokens such as SPX6900.
Can SPX reclaim the top band of the series?
But that’s not all.
SPX broke out above the midpoint of the horizontal range. The level it has tested many times since the beginning of the year. These levels were $0.2537 and $0.4878, with the mid-level being $0.3716.
Although Memecoin was primarily distributed, Net Volume exceeded purchase sales with 312.84 thousand tokens. However, the Accumulation/Distribution indicator shows that more than 53 million SPX have been sold, signaling fundamental weakness in the market.
Therefore, if the whales’ capital continues to outweigh that of other major players and the technical breakout continues, SPX could reach $0.48.
Otherwise, memecoin, which cannot stay above $0.37, may fall to the $0.28-0.30 region or to $0.24, which is the lower band of the range.
Final Summary
- SPX6900 has increased by more than 12% in the last 24 hours, driven by the return of whales and the increase in transfer amounts and transactions.
- SPX whales are targeting $0.48, but only if the price stays above $0.37; otherwise it could drop to $0.24.
