Key Takeaways
Why are SPX6900 holders rising, but the price still lagging? The price of SPX was lagging, but capital was flowing from holders, indicating a period of accumulation.
Will liquidity clusters pull SPX price back to its lows? Since more orders were resting below current price action, SPX appeared more likely to drop than rise if liquidity was to determine direction.
The memecoin sector was up by about 3% in the past 24 hours, reaching $42.01 billion, while volume spiked by 11%, about $4.96 billion at the time of writing. In particular, SPX6900 rose by more than 7% on the day and 14% in the past week. Among the top memecoins were only Fartcoin [FARTCOIN], Bonk [BONK], and Pudgy Penguins [PENGU], which had double returns on the day.
Holders rising on Base, Solana and Ethereum chains
On the three chains where the memecoin was trading, the number of SPX6900 [SPX] holders increased. The largest share was on Base Chain, which had consistent growth, with the total at 107,827. Solana [SOL] and Ethereum [ETH] followed, respectively, with 68,902 and 48,754, even though those on SOL were not as robust. The weekly figures were the most significant, with a 567 and 242 rise for the Ethereum mainnet ecosystem, while Solana saw a 69 increase. The number of holders increased even though the price remained around $0.50. This activity reflected an accumulation period, as prices traded at a discount.
