As SPX6900 Reaches Record Highs, Trendy ‘AI Agents’ Face Profit-Taking.

The SPX6900 manifesto boldly declares, “It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after.”

A crypto movement focused on toppling the U.S. stock market has taken another significant step toward its ambitious vision, though it still has trillions of dollars to go.

Earlier on Friday, SPX6900 (SPX) surpassed a $1.1 billion market cap, setting a new all-time high of over $1.25, surpassing its previous November peak of 90 cents. This rise follows renewed enthusiasm for memecoin movements on Crypto Twitter.

At the same time, the AI Agent sector, including projects like Virtuals (VIRTUALS) and ai16z (AI16Z), saw an 8% dip on average, with growing criticism of their supposed AI models, as pointed out in a previous CoinDesk analysis.

SPX6900, based on the Ethereum blockchain, has a total supply of 930 million tokens. Its supporters have formed a viral community that views the token as a means to achieve financial freedom.

The SPX6900 manifesto reads: “You were born into a world where buying a home means taking on a mortgage in the hundreds of thousands. You’ve entered an investment landscape where the stock market has already seen its most significant gains, leaving you wondering what’s left for you. You’re navigating a world shaped by the aftermath of 9/11, the 2008 recession, an unprecedented pandemic, runaway inflation, and escalating violence.”

It continues: “SPX6900 is the reset. SPX6900 is the canvas where new financial dreams are realized. It’s the S&P500 with 6400 more. It’s the stock market for the people. SPX6900 is for you, your children, and countless generations to come.”

This language echoes the revolutionary ideals behind Bitcoin, which was introduced in response to the 2008 financial crisis.

Since early 2023, memecoins have expanded beyond simple novelty tokens into full-fledged meme-based movements built around ideas, concepts, or ideals. Projects like mog (MOG), giga (GIGA), and SPX have gained significant traction on platforms like X, where users have adopted these tokens as serious beliefs despite their often unserious origins.

SPX’s community popularized the Crypto Twitter catchphrase “stop trading and start believing in something,” encouraging participants to hold tokens long-term instead of constantly switching to newer projects. This philosophy has been crucial in building SPX’s robust following.

Some supporters believe that SPX6900 could eventually surpass dogecoin (DOGE), which currently holds a $51 billion market cap, making it the largest memecoin by market capitalization.

In a recent interview, memecoin advocate @MustStopMurad expressed his belief, stating, “It’s the only token with a memetic target. Even if it reaches 10% of that, 1% of that, or even 0.1% of that…it still amounts to $45 billion. I believe dogecoin is going to be surpassed as SPX is the BTC of memes.”

Murad further emphasized, “This is the next GME,” drawing parallels to the GameStop phenomenon and its dedicated community of followers.