What sets the current rally apart is not just the scale, but the breadth and coordination of capital flows. Solana-based tokens such as BONK and WIF have each posted double-digit gains, outpacing even established meme coins like DOGE and SHIB. Niche segments—including 4chan tokens and speculative “Murad Picks”—have mirrored this momentum, underscoring a synchronized rotation that signals more than mere speculative frenzy.
Notably, PEPE captured institutional attention as its 24-hour trading volume surged to $1.37 billion, vaulting it into the ranks of the most traded meme assets. Data reveals a shift: coordinated capital rotation is now part of an increasingly sophisticated market strategy, with meme coins taking center stage.
Meme Coins Redefine Market Structure
The rally’s momentum was further amplified as the sector attracted attention from prominent figures such as Murad Mahmudov. Once a staunch Bitcoin maximalist, Mahmudov has pivoted to champion meme coins, curating his own “Murad Picks”—including SPX6900, MOG, POPCAT, GIGACHAD, and APU—which are now tracked on platforms like CoinGecko. This public endorsement has helped legitimize meme coins as a new frontier for speculative capital.
SPX6900: The Unofficial Index of Meme Coin Sentiment
SPX6900 has rapidly emerged as the sector’s bellwether, with its price action serving as a proxy for broader meme coin sentiment. While not a formal index, SPX’s chart is now a critical tool for traders assessing the sector’s trajectory. Its ability to front-run price movements in peers like PEPE, WIF, and BONK has made it a reference point for sector-wide momentum shifts.
Number of SPX holders rises sharplyOn-chain analytics from Santiment indicate two clear signals:
- The number of SPX holders surpassed 43,400, reaching new local highs.
- Exchange inflows for SPX have dropped sharply, suggesting waning sell pressure and rising investor conviction.
This redistribution hints at a shift to medium-term accumulation, with investors repositioning for further upside. SPX’s leadership role is reinforced by its outperformance: the token is trading at $1.67, just 1.7% shy of its all-time high at $1.74—set over six months ago. Importantly, SPX has converted the $1.55 level from resistance to support, creating a technical foundation for potential breakout moves.
Technical Analysis: A Critical Juncture for SPX
SPX price at pivotal levelsTraders now closely monitor the $1.739 zone, where a decisive break could trigger further sector-wide rallies and spark renewed interest in lagging meme tokens and speculative forks. Conversely, a sustained drop below $1.45 would undermine bullish sentiment and likely stall the current cycle’s momentum.
SPX6900’s close correlation with market sentiment has made it the unofficial “index” for meme coins—mirroring the way Bitcoin once dictated the pace for the entire crypto market. This week, SPX outperformed BTC in relative terms, a rare occurrence highlighting the growing autonomy of the meme coin sector. This shift suggests that meme coin traders are increasingly using SPX as a leadership indicator, informing capital allocation strategies and portfolio positioning.
SPX temporarily leads Bitcoin on returnsIf SPX convincingly breaks above $1.77, analysts expect a wave of fresh capital—not only for SPX itself but across the broader meme coin ecosystem. Such a breakout could revive dormant tokens and spark new speculative cycles, further entrenching meme coins as a mainstay of the digital asset markets.