The meme coin frenzy continues, and SPX6900 is stealing the spotlight. After surging nearly 350% since March, the token recently hit a high of $1.222—its strongest performance since January. Now valued at over $1 billion, it has become the eighth-largest meme coin in the crypto market.
But while the momentum is impressive, several red flags suggest SPX6900’s run could be nearing a tipping point. Here’s why traders should proceed with caution:
1. Spike in Exchange Supply: Investors May Be Taking Profits
According to Santiment, the number of SPX tokens sitting on exchanges has risen significantly. Back in January, there were only 41 million tokens on exchanges. That number has now more than doubled to 87 million—and Nansen reports an even higher figure at 141 million, a 6.5% increase in just one month.
What this means: When more tokens appear on exchanges, it often signals that holders are preparing to sell and lock in profits. This pattern typically appears before a correction, especially after a strong rally.
2. Whale and Smart Money Are Selling
Large holders—often referred to as whales—are reducing their SPX6900 positions. Wallets holding 1 million to 10 million tokens have cut their stash by 30 million coins over the past month. Bigger players with 100 million to 1 billion tokens have also trimmed their exposure, from 163 million to 148 million coins.
At the same time, smart money investors—the wallets known for making calculated, high-ROI moves—have slashed their holdings by 10%, now sitting at a record low of 4.6 million SPX tokens.
What this means: When whales and smart money exit, it usually precedes a price cooldown. These are the traders who often move early—before retail investors catch on.
3. Bearish Technical Pattern Forming
Technically speaking, SPX6900 is showing signs of a rising wedge pattern on the 12-hour chart. This setup, formed by converging trendlines since early May, is commonly associated with an upcoming bearish reversal.
If the pattern breaks down as expected, SPX could revisit key support levels. The first level to watch is $1.00, a psychological and technical threshold. If that fails, the next target would be around $0.6383, which marks the lowest point from May 18.
What this means: Rising wedges often precede sharp corrections, especially when paired with high exchange supply and whale exits.
Final Thoughts
While SPX6900 has delivered eye-popping gains in recent months, the data suggests this rally may be running out of steam. With profit-taking on the rise, whales backing out, and bearish chart patterns forming, traders should stay alert. The excitement around meme coins can fade quickly—and corrections can be just as dramatic as the surges.
If you’re holding SPX or considering an entry, keep a close eye on support zones and volume trends, and remember that meme coin hype often comes with high risk.
