Meme cash have been the largest sufferer of the current crypto market downtrend after their complete market cap dropped by greater than $10 billion in only one week. Normally, such dips current a possibility for merchants to enter lengthy positions if the downtrend reveals indicators of exhaustion. Nevertheless, this has not been the case with the SPX6900 (SPX) meme coin, as merchants have quickly opened quick positions regardless of a 30% crash. Why? Let’s discover.
Buyers Improve Brief Positions on SPX Meme Coin
Typically, after a crypto market crash and potential vendor exhaustion, costs are inclined to rebound as merchants accumulate the dip. Nevertheless, in response to Coinglass, merchants anticipate that SPX is but to discover a native backside regardless of the worth falling by 30%.
The SPX meme coin has seen a speedy surge in brief positions. In reality, the token has the most important variety of newly opened quick positions within the final 24 hours. Open curiosity rose by 81% as merchants elevated their bets that the meme coin worth would decline additional.
SPX is without doubt one of the low-cap meme cash with a $256M market cap. At press time, the meme coin traded at $0.27 after a staggering 23% drop in 24 hours. This decline coincides with analysts resembling Arthur Hayes saying SPX is a stonk that can enter a “free fall.”
Professional Dealer Makes $3.3M Loss After SPX Crash
Prime crypto analyst and dealer Murad has suffered a $3.3M loss on his SPX holdings after the meme coin worth fell by 30%. Murad was a serious promoter of SPX and had initially predicted that it might flip Dogecoin by market cap.
Nevertheless, information from Arkham reveals that after the worth dropped, this dealer suffered a 30% loss. Murad, who beforehand stated SPX was one of many prime meme cash to purchase holds 29.96 million tokens, valued at roughly $7.9 million.
Such steep losses are fuelling the detrimental market sentiment across the SPX meme coin, inflicting the excessive demand for brief positions.
SPX Value in Focus – Can the Meme Coin Recuperate?
SPX worth has fallen by 81% from its all-time excessive of $1.27 posted in January 2025. This meme coin is now dealing with one other drop to the 123.6% Fibonacci retracement degree of $0.139.
The bearish momentum is rising sturdy, which is clearly proven by the oversold RSI and the Superior Oscillator bars which can be rising longer. As merchants proceed to file losses, it’s sure to scale back purchaser curiosity and push the worth decrease.
In the end, the SPX meme token has posted probably the most decline within the final 24 hours and merchants are recording hundreds of thousands of {dollars} in losses. With rising quick positions displaying low confidence in a worth restoration, SPX worth could drop beneath $1 within the close to time period.
Often Requested Questions (FAQs)
Merchants have improve quick bets on SPX amid large losses and an absence of any catalyst that will gas a worth restoration.
Merchants have made losses after the SPX meme coin crashed. Famend dealer Murad has suffered a $3.3M loss on their SPX holdings.
The SPX meme coin worth could fail to get well because the rising variety of quick positions signifies a detrimental market sentiment and lack of investor confidence that the worth will get well.
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muthoni
Muthoni Mary is a seasoned crypto market analyst and author with over three years of expertise dissecting blockchain developments, worth actions, and market dynamics. With a pointy eye for technical evaluation and an in-depth understanding of on-chain metrics, she delivers insightful, data-driven content material that helps traders navigate the fast-paced world of digital belongings.
Disclaimer: The introduced content material could embody the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
