The meme coin SPX6900 has set a significant milestone, passing the $1.5 billion market cap for the very first time on Jan. 7, 2024.

This follows increased trading activities and rising interest in meme coins as an asset class in the crypto market. It goes without saying that it has placed SPX6900 (SPX) among the best-performing digital assets in the early days of 2025, which is often known as the January effect. 

Trading at $1.53, the token gained 1.87% in the past 24 hours, with a daily trading volume exceeding $95 million, highlighting growing investor interest.

SPX is a meme coin that runs on the ETH blockchain, which comes at a time when meme coins continue to catch market attention with their combination of speculative appeal and cultural resonance. Described in its unofficial manifesto as “the stock market for the people,” the token symbolizes a movement toward economic liberation and an alternative to traditional wealth creation systems. As of today, the circulating supply is estimated to hover around 931 million, with about 6.9% of tokens or roughly 69 million burnt. The token uses the Wormhole technology to be a cross-chain asset, enhancing availability across different blockchain estates.

SPX’s market perspective

From a market point of view, the token could rise on support from technical indicators that show a rather bullish sentiment. The Moving Average Convergence Divergence (MACD) has seen the MACD line cross above the signal line, a classical bullish determinant. 

The MACD histogram, which displays green increasing bars, refers to the uninterrupted buying pressure. Moreover, the rise in the trading volume indicates some ongoing enthusiasm within the market.

In addition, open interest for SPX futures has grown consistently and surpassed $65 million on Jan. 7, 2025, according to Coinglass. Specification of trader inflows points to increased trader sentiment and willingness to operate in the derivatives market. The growing open interest and an increase in holder counts suggest SPX’s growing adoption. According to Santiment, the number of holders rose from 14,955 in Oct. 2024 to over 23,667 in last week of Dec 2024, reflecting the market confidence that the token is witnessing in early January.

Pepe coin price is ending 2024 on a high note as it surged by almost 20%, erasing some of the losses made this month.

Pepe (PEPE), the third-biggest meme coin, climbed to a high of $0.000022, its highest level since Dec. 18. The rebound came after Elon Musk, the wealthiest person in the world, updated his X profile picture to a Pepe-like image.

Musk, one of the most influential people globally, has over 234 million followers on X, close ties with Donald Trump, and a fortune of nearly half a trillion dollars. 

His action could indicate growing interest in Pepe, similar to his previous engagement with Dogecoin (DOGE). Musk’s tweets about Dogecoin in 2020 preceded its public surge in 2021, helping DOGE become the largest meme coin with a market cap of over $47 billion.

Pepe has experienced remarkable growth since its inception in 2023, with its market cap soaring from near zero to a peak of over $10 billion earlier this month. The token has surged by nearly 1,500% in the past year, ranking it among the best-performing meme coins.

Pepe has created significant wealth for many investors. According to IntoTheBlock, 70% of all holders, or about 178,000 people, are in profit, while 24% have incurred losses. The remaining investors are at breakeven.

Pepe Coin price analysis

The daily chart shows that Pepe coin price peaked at $0.00002833 earlier this month before pulling back. It bottomed at $0.0000145, which coincides with the 50% Fibonacci Retracement point, and formed a hammer pattern. This pattern, characterized by a small body and a long lower shadow, is often a bullish signal.

Pepe has now climbed above the key resistance level of $0.00001950, its highest swing on Dec. 24. It is also trading above the 200-day and 100-day moving averages.

Given these bullish indicators, Pepe is likely to continue rising, with bulls targeting the year-to-date high of $0.00002833, which represents about a 33% upside from the current level. Potential catalysts for further gains include Donald Trump’s upcoming swearing-in and the expected FTX distributions. Some of the $16 billion from the distributions may be reinvested into cryptocurrencies, potentially boosting Pepe.