Whale Swaps 348 ETH for 1.99M SPX6900 Tokens, Igniting Market Attention on SPX

As the digital asset market remains surprisingly resilient, many investors view the boom as a buying opportunity to build their holdings. According to data from On-chain Lens, a crypto whale has made further accumulation of SPX6900 (SPX). SPX6900 is a meme coin operating on Solana, Base, and Ethereum blockchains named behind the superior performance of the S&P500 index over several years.

In the recent past, the investor acquired an undisclosed amount of SPX6900 coins. Today, the whale spent 348 ETH coins and bought another tranche of 1.99 million SPX tokens, as per data from the on-chain metrics tracker. Currently, the trader holds 2,991,187 SPX tokens, worth $2 million, with a total portfolio of $8.41 million.

https://twitter.com/OnchainLens/status/1868288714159673801

Whales showing interest on SPX

The market activity by the investor signals whales are not just focusing on dominant tokens but also looking to take advantage of potential lesser-known assets. SPX6900’s popularity has risen recently, with multiple whales showing interest in the coin, positioning themselves in expectation of the next meme coin rally.

In October, a whale bought 12.16 million SPX tokens during a price drop, a move that made numerous headlines about signs of the token’s potential. The trader spent a staggering $6.15 million USDC and invested it in 12.16 million SPX tokens. Following the purchase, SPX price rose by 10% amid market participants’ reaction to the whale’s activity.

A quite number of investors have been capitalizing on the crypto to make gains in the broader market. Last month, a trader made a whopping $920,000 profit by selling SPX tokens and reinvested the amount ($6.2 million) to purchase Dogecoin tokens.

These traders’ actions signal robust confidence in SPX’s long-term potential, despite short-term volatility, solidifying the crypto’s position in the market.

Is the SPX price rally on the horizon?

Amid the current market uptrend, emerging coins are igniting attention with significant gains. SPX6900 is stealing the spotlight, presenting incredible moves. The coin is currently experiencing price resurgence as big investors heighten interest in it.

SPX witnessed an increase of 5.1% in the last two weeks. It has risen 16.9% in the last 30 days to $0.7462, giving it a market cap of $695.87 million, at the time of writing. It is gaining strength due to several factors, one of them being its recent listing on Kraken for spot trading, expanding its various use cases for users. Apart from SPX6900, Kraken also opened trading for other meme coins including GOAT and FWOG.

The listing of meme coins on various exchanges increased following the US election of Donald Trump as the new president. Trump’s friendly approach to crypto has shifted the country’s perspective on cryptocurrencies and fueled their broader adoption.

Coinbase recently listed PNUT after adding meme coins including FLOKI, WIF, and PEPE for trading. Also, Binance recently launched SPX in the form of a perpetual contract with up to 75x leverage alongside the likes of VIRTUAL, KOMA, and RAY. Meme coin investors and community members normally view exchange listings as signs of bullishness.

SPX emerged as one of the greatest beneficiaries of the explosion across the meme coin sector sparked by President-elect Donald Trump’s embrace of the crypto industry.