TL;DR

SPX hit an almost four-month high and surpassed a $1 billion market capitalization. Many analysts are bullish that the asset could reach a new all-time high, with some claiming the historic peak might occur as soon as this summer.

The Impressive Rally

Numerous cryptocurrencies have charted substantial gains in the past month, but few have pumped by triple digits within this timeframe.

The meme coin SPX6900 (SPX) is among the exceptions, with its price jumping by 101% over a 30-day period, currently trading at approximately $1.17 (according to CoinGeckos data), the highest mark observed since early February.

SPX Price, Source: CoinGecko Its market capitalization blasted past the psychological $1 billion mark. Thus, SPX became the 95th-largest cryptocurrency. It also flipped FLOKI to become the eighth-biggest meme coin, while dogwifhat (WIF) holds the seventh spot, but with only a minor lead. 

SPX is a meme coin, primarily operating on the Ethereum blockchain, with cross-chain support on Solana and Base network. It saw the light of day in August 2023, and during its first year, the price predominantly traded below $0.01. 

Things took a completely different turn during the meme coin bull run towards the end of 2024, and SPX headed north, reaching almost $1 in October. The rally continued into the new year, and the valuation reached an all-time high of $1.72 on January 20. This was the date of Donald Trumps inauguration as Americas 47th President and the entire crypto market was booming following the hype. 

SPX saw a sharp correction soon after, falling to $0.25 in March before bouncing back. It now trades about 30% below its historic peak.

The Next Targets

The meme coins resurgence caught the eye of many analysts. The popular one, using the X moniker Altcoin Sherpa, recently said, SPX is a great looking chart.

Bluntz agreed with the thesis, stating that it had been a while since they had liked a meme coin structure. That said, the industry participant assumed that reaching a new ATH in the following months was not out of the question. 

been a long time since ive really liked a memecoin structure but ATH on $spx actually looks quite likely imo. https://t.co/iupCDmFbDc

X user KNIGHT chipped in, too, predicting that the price might skyrocket by triple digits this summer and reach a peak of almost $2.50.