Crypto & Forex December 16, 2025 0 Comments

Is SPX6900 the Next Memecoin Goldmine or Just Another Hype Bubble Waiting to Burst?

Memecoins have long been the wildcards of the crypto world—some call them digital jokes, others see them as the next big thrill ride. But after the market cap of these quirky tokens cratered hard since soaring past their 2021 highs in late 2024, one can’t help but wonder: Are memecoins dead, or just down for a momentary nap? Take SPX6900, for instance—it plunged over 10% in the last 24 hours, even worse than the broader memecoin slump of 6.8%. And it’s not alone; Pump.fun [PUMP] and Useless Coin [USELESS] saw similar bloodletting. Yet here’s the twist—while SPX6900 is bleeding value, its activity is showing signs of a different script unfolding. Could this bear market underdog stage a comeback, defying the broader sector’s malaise? It’s a delicate dance between fading seller momentum and rising interest, a classic tug of war in crypto land. So, is this the moment when SPX flips the script, or merely a brief flicker before the darkness deepens? Let’s dive deeper and see what the market movers are whispering beneath the chaos—because in this game, every dip holds a story.

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Are memecoins dead after their market cap crashed hard since surpassing 2021 highs in late 2024?

SPX6900 crashed by more than 10% in the last 24 hours, underperforming the entire memecoin market, which lost 6.8%. Other popular memes with similar losses were Pump.fun [PUMP] and Useless Coin [USELESS]

Can SPX6900 [SPX] reverse this capital loss, as its activity seems to be shifting differently?

SPX crashes, but interest rises

SPX6900 was trading in a bear market structure.

The memecoin was heading south at the time of writing, approaching a zone that resulted in a short rally. This price level at $0.44 also coincided with the low on the 10th of October.

While the price action was falling, sellers were losing momentum, as seen in the MACD. The signal line was also starting to turn to the upside, indicating seller exhaustion.

Open Interest (OI) rose from $8 million to $11.47 million, matching the fading seller momentum. The contrast in price direction and OI indicated divergence, usually a bullish reversal pattern.

Moreover, the price was trading around a previous bounce zone.

Source: TradingView

Losing the $0.44 zone would accelerate the drop, but holding above it could lead to a bounce back to at least $0.75. This level was previously a resistance point, and it has triggered selling action three times.

Given the current price movement, what does the behavior of market participants indicate?

Mixed sentiment from on-chain data

Looking at the weekly trading data for the memecoin, buyers emerged as the dominant force, despite the SPX6900 price being bearish.

Since the start of December, both the Spot and Futures Taker CVD have stayed green. However, the bars showed that their buying power was slowly declining but was still present.

Source: CryptoQuant

However, the data from CryptoQuant suggested that retail traders did not share this positive sentiment. Their activity stayed neutral, emulating their usual behavior of involving themselves at market peaks.

In fact, CZ called out traders who were fading these moments when most cryptos are cheap.

But will SPX bounce alone, as the broader sector is struggling?

Will SPX bounce amid a behavior shift?

As per reports, the memecoin sector lost most of its dominance since mid-Q3. CoinGecko wrote,

“At its peak, the memecoin market was worth over $150B. But dominance, narratives, and investor behavior have shifted dramatically since… Overall memecoin interest declined 81.6% YTD, mirroring the drop in market cap.”

As SPX shows potential hints of a bounce, the broader sector could hold it back.

Even Dogecoin [DOGE] was struggling as its market share was falling due to the memecoin market being flooded. That meant there was a scramble for liquidity.

Final thoughts

SPX led the entire memecoin sector, but the price was hinting at a short-term bullish reversal.
The sluggishness in the memecoin market, which fell from $150B to $43B, could hinder the SPX reversal.