The SPX6900 (SPX) has gained more than 12% in the past 24 hours while trading volume is up 62% at press time.
However, memecoin’s share has been declining since the October 10 crash, but there have been signs of revival. However, these winning times are not spread across the board, as a few memes outshine others.
In the case of the SPX, rising daily volume and increased on-chain activity contributed to its recent move.
Solana whales run the SPX6900 as a transfer
In short, whales on Solana (SUN) they were the main contributors to the influx of capital. According to Nansen AI, the whales have increased their population by 65% in the last 24 hours.
In addition, the exchange rate decreased by 3%, another sign of accumulation.
However, other major players did not participate. That is, the top 100 addresses, smart investments, and demographics reduced their positions. This means that the whale’s income exceeds that of other major players, resulting in higher prices.
Also, the amount of money sent and the number of transactions on the Ethereum (ETH) network have started to follow the monthly low established three days ago.
Statistically, the transfer fee has increased from 2.899 million SPX to 11.313 million tokens, which represents an almost 4x increase. The number of events increased from 986 to 1,808, which corresponds to a 2x increase in the last three days.
In addition, the currency rose sharply on risk-adjusted movements that eased fears about the Fed’s aggressive policy stance. Thus, the DEX volume of memecoins hit $11.63 billion, led by volatile indicators like SPX6900.
Can the SPX retake this trend?
But that’s not all.
The SPX broke out in the middle of the side line, a The rate has been tested repeatedly since the beginning of the year. These values were $ 0.2537 and $ 0.4878, with an average of $ 0.3716.
Although memecoin is mostly distributed, buying has exceeded selling, with Net Volume at 312.84K tokens. However, the Accumulation/Distribution indicator shows that more than 53 million SPX are being sold, indicating a weak market.
So, if whale capital continues to outpace other major players and technicals hold, SPX could hit $0.48.
Otherwise, failing to stay above $0.37, memecoin can return to the $0.28-$0.30 zone or the bottom of the $0.24 band.
Brief Summary
- The SPX6900 is up more than 12% in the past 24 hours amid the whales’ return and a surge in exchange-traded funds.
- SPX pigs are looking at $0.48, but if the price is above $0.37; otherwise, it may return to $0.24.
