cryptoglobe.com
A cryptocurrency whale has managed to turn over $150,000 into a $6.44 million war chest in just two months using a meme-inspired cryptocurrency SPX6900 ($SPX), which saw its value explode more than 3,100% over the past month.
According to data shared by on-chain analysis service Spot On Chain, the cryptocurrency whale spent $153,000 to buy 7.793 million SPX tokens between July 31 and August 15 and held onto the tokens until the recent price surge.
That surge saw SPX’s price explode from around $0.0279 per token to $0.089 at the time of writing, allowing its market capitalization to surge from $25 million around a month ago to over $800 million.
A whale with a $6.44M profit (42x return) is cashing out $SPX!
— Spot On Chain (@spotonchain) October 14, 2024
Notably, the whale spent just $153K to buy 7.793M $SPX between Jul 31 and Aug 15.
With the recent price surge, the whale began unloading $SPX 11 hours ago, totaling 793,092 $SPX ($687K) sold for 280.5 $ETH, leaving… pic.twitter.com/a0XNbedeMU
The whale took advantage of the recent price surge to start unloading their SPX tokens, having sold 793,000 for $687,000 worth of the second-largest cryptocurrency by market capitalization, Ethereum, while leaving 7 million tokens worth $5.9 million untouched.
The SPX token is a meme-inspired cryptocurrency that appears to allude to financial nihilism which refers to the idea that the growing cost of living and the lack of financial opportunities are at an untenable level.
Its website and name both suggest an expansion of the stock market’s benchmark index, the S&P 500, into an index with 6,900 companies, while its manifesto alludes to the financial nihilism movement saying investors were “born into a world where buying a house means taking on a mortgage in the hundreds of thousands. A world where social security is more a myth than a safety net, despite having it deducted from every paycheck. “
It also suggests the stock market “has already celebrated its most significant gains,” before writing that “SPX6900 is the reset” and the “canvas on which new financial dreams are painted.”
Featured image via Pixabay.