- 99% of meme coins have crashed, exposing the space as another pump-and-dump playground rather than a sustainable market.
- Even top-performing meme coins are struggling, with hope fading for the few that once seemed like exceptions.
- The meme coin hype cycle may be ending, as traders realize most projects were built on speculation, not substance.
The memecoin craze that was supposed to dominate this cycle has turned out to be just another playground for pump-and-dump schemes. 99% of these tokens have crashed and burned, leaving only a handful that once felt like they could be the exception. And even that last glimmer of hope is looking shaky. Let us get into it.
What’s Poppin?
Memecoins are tanking alongside the market, and some of the most hyped ones—the ones we thought had unshakable, almost religious followings—are crumbling too, specifically SPX6900 ($SPX) on Ethereum. It was backed by an army of believers, but lately, that passion is fading fast. The momentum is gone, and it feels like the community is losing faith.
Price Movements
Right now, $SPX is sitting at $0.30 with a market cap of $279.2 million. It has had a ridiculous 3,150% gain over the past year, making it one of the top meme plays in the space. But after hitting an all-time high of $1.77, it has been in a freefall, bleeding out to where it is now.
Credit: CoinGecko
Market Sentiment
Market sentiment remains mixed. Some die-hard holders are still clinging to their bags, convinced $SPX is just in a temporary slump and will make a big comeback. Leading that charge is Murad, a well-known memecoin advocate, who remains insanely bullish.
On the other hand, not everyone is buying it. Critics—including big names like Beeple—are openly questioning the narrative. The idea of a 3,000x move from here is being dismissed as pure fantasy. All of this goes to show that the community, once unstoppable, has been looking rough lately.
Future Outlook
Overall, from the outside, it looks grim. But zoom out, and $SPX is still one of the best-performing meme coins of the past year. If market conditions shift, there is always a chance for a reversal.
