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SPX6900 Price Pumps 16% After Coinbase Listing as Meme Index Presale Nears $4M

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The meme coin sector has seen another sharp move, with SPX6900 (SPX) jumping 16% in the past 24 hours.

Trading volumes for the popular token soared after its much-anticipated Coinbase listing.

Meanwhile, Meme Index (MEMEX) is also gaining traction – closing in on $4 million in its presale phase.

SPX6900 Surges as Coinbase Launches Perpetual Futures Trading

SPX6900 spiked after Coinbase International Exchange introduced perpetual futures trading for the meme coin earlier today.

The token spiked to $0.72 as traders rushed to take advantage of leveraged positions.

These new futures contracts, offering up to 20x leverage with USDC settlement, have opened the door for non-US retail traders to speculate on SPX’s price movements.

Unlike standard futures, perpetual contracts don’t expire.

This lets traders hold positions indefinitely – as long as they maintain enough margin.

The response to Coinbase’s listing has been explosive.

SPX’s spot trading volume has climbed to $27 million in the past 24 hours, and sentiment on crypto Twitter is bullish.

For longtime SPX holders, this moment feels like validation for a project that has struggled for momentum in the last month.

Still, some experts think today’s rally will fizzle out fast.

They think the initial euphoria will die down, leaving SPX vulnerable to a sharp correction.

Meme Coin Market Stalls While SPX6900 Defies the Trend

SPX6900’s rally stands out against a meme coin sector that has mostly stalled in February.

Market leaders DOGE and SHIB have posted slight gains in the past day, while most of their competitors trade sideways or slip lower.

FLOKI, for instance, has dropped 4% since yesterday.

The total meme coin market cap remains below $70 billion, still well off January’s peak when it hit $117 billion.

This flat performance reflects broader uncertainty around crypto as investors navigate some conflicting signals.

Regulatory concerns are one of them.

In Europe, stablecoin regulations are tightening, while the U.S. is considering stricter reporting requirements for DeFi platforms.

On top of that, stubborn inflation figures are keeping the Federal Reserve from cutting rates, further dampening investor enthusiasm.

The market seems to be in “wait and see” mode.

The fact that Bitcoin is still trading below $100,000 hasn’t helped matters, with the Krypto Fear & Greed Index now stuck at 49 – bordering on “Fear” territory.

Meme Index Goes Viral with ETF-Style Approach to Meme Coins and Raises $3.7M

While SPX benefits from Coinbase-fueled hype, another project is stirring up some serious buzz.

Meme Index has raised $3.7 million in its presale, with early investors securing MEMEX tokens for just $0.0163585.

Think of Meme Index as an ETF for meme coins.

Unlike most of these coins, which rely solely on hype, Meme Index has a genuine use case.

It’s got four different indexes of coins – Titan, Moonshot, Midcap, and Frenzy – tailored to different risk levels.

These indexes give diversified exposure to the meme coin market without the hassle of researching dozens of individual tokens.

The team is out to solve the biggest problem with meme coins – picking winners.

And YouTuber ClayBro, who has over 136,000 subscribers, said that’s why Meme Index could be a “10x gainer” once it goes live later this year.

ClayBro also noted that MEMEX holders have a say in how each index is structured.

MEMEX holders can vote on which coins should be included in each index, ensuring the portfolios evolve with the market.

Meme Index even has a staking program offering APYs of 603%.

Some early backers are now drawing comparisons between Meme Index’s presale momentum and SPX6900’s early run, hinting at similar upside potential when MEMEX hits exchanges.

Given the growing need for structure in the meme coin space, they might be right.

Visit Meme Index Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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