SPX6900 Soars as Fed’s Powell Confirms Cuts

SPX6900 (SPX) has surged by nearly 10% in the past 24 hours and currently sits at $1.43 after the head of the Federal Reserve confirmed that the stage is set to execute this year’s planned interest rate cuts.

In a widely awaited speech, Jerome Powell, the Chairman of the U.S. central bank, asserted that “the balance of risks appears to be shifting”, meaning that the institution’s fears that inflation will spin out of control as a result of the current administration’s policies have been appeased to some extent.

Hence, the Fed seems prepared to cut rates for the first time this year. The majority of analysts believe that the first cut will be made in September. They expect a 25 basis points reduction in the federal funds rate during the next FOMC meeting, scheduled to take place on September 16.

Meme coins as a whole received a big boost after Powell’s remarks. Their market cap has increased by 3.6% in the past 24 hours, but SPX has emerged as a notable winner, outpacing most other tokens in this category, including Dogecoin (DOGE), which posted gains of just 4.3% during this period.

These are My Top 10 Picks for this Cycle, and I am sticking to them. pic.twitter.com/rYucucvBz9

— Murad 💹🧲 (@MustStopMurad) October 12, 2024

SPX is considered a parody of the popular S&P500 stock index. The token’s price is fueled by speculation and community support primarily. It is backed by a well-known figure in the meme coin space, Murad Mahmudov, whose early bets on tokens like Popcat (POPCAT) and Apu Apustaja (APU) earned him the title of “Meme Coin King.”

This token has been Murad’s top pick in this space for years now, as reflected by his blueprint to make the most out of what he believes is the “Memecoin Supercycle.”

SPX6900 Could Retest Its All-Time Highs Soon After a Huge Spike

The 4-hour chart shows how strong today’s price boost was as it propelled SPX from a session low of $1.21 to as much as $1.47 at some point. Meanwhile, the price is retreating a bit after hitting a key resistance at this level.

Trading volumes have surged by 25% in the past 24 hours and are still relatively low when expressed as a percentage of the token’s circulating market cap at 4.2%. When meme coins like this are truly pumping, the Volume-to-Market-Cap ratio typically spikes to 15% or higher.

However, Powell’s remarks may have ignited the beginning of the next leg up for meme coins at a point when altcoin season has kicked off. If analysts get convinced that the Fed will cut rates in September, this could unleash a big wave of positive momentum throughout the crypto market, and SPX6900 stands to benefit.

If that’s the case, the first target could be set at $2 per token and then at $2.28 to retest the token’s all-time highs.

Meanwhile, a new crypto presale inspired by the success of SPX6900 is just 6 days away from being officially launched and early buyers could reap the highest returns once Token6900 (T6900) hits the exchanges.

Token6900 (T6900) Raises More Than $2M in Less Than 2 Months – Is It The Next SPX?

If you bought SPX before its first top CEX listing, you would have turned a 2,000% profit or higher. Imagine you get a second chance to pull that off. Will you miss out again?

Token6900 (T6900) steps on the hills of SPX6900 and embraces some 2000s nostalgia to rally the troops of a disappointed generation that craves to go back to those ‘good ol’days’.

T6900 is what the market hits you back with after failing to snipe previous successes. It is the purest meme coin out there. It has no roadmap, makes no promises, and offers no incentives. Its price and performance will be fueled by pure ‘vibes.’

With just 6 more days to go before the presale ends, you can still get your hands on some tokens before it’s too late. T6900 is hard-capped at $5 million, meaning that early believers will reap the highest returns.

To buy this token, simply head to the Token6900 website and connect your wallet. You can either swap USDT or ETH or use a bank card to invest.