Memecoins are not dead despite a sharp market cap crash in late 2024, as SPX6900 shows early signs of reversal with rising open interest and fading seller momentum, even as the sector’s dominance has declined 81.6% year-to-date.
SPX6900’s price dropped over 10% in 24 hours, underperforming the memecoin market’s 6.8% loss.
Key indicators like MACD signal line turning upward suggest seller exhaustion and potential bullish divergence.
Open interest surged from $8 million to $11.47 million, contrasting with downward price action and hinting at a reversal.
Explore if memecoins are truly dead after the 2024 crash—SPX6900’s rising interest signals hope amid sector struggles. Stay informed on crypto trends and recovery potential today.
What is happening to SPX6900 after the memecoin market crash?
SPX6900, a prominent memecoin, has experienced a significant price decline of more than 10% in the last 24 hours, amid a broader memecoin sector downturn of 6.8%. Despite this, technical indicators point to potential reversal signals, with open interest climbing and momentum shifting. This divergence suggests that while the market faces challenges, SPX6900 could be poised for a short-term bounce if key support levels hold.
How are on-chain metrics influencing SPX6900’s trajectory?
On-chain data reveals a mixed picture for SPX6900. Weekly trading volumes indicate buyers maintaining dominance since early December, with both spot and futures taker cumulative volume delta remaining positive. However, buying power has shown a gradual decline, though it persists above neutral levels. Retail trader activity, as tracked by CryptoQuant, remains neutral, typical of their pattern to engage more at market peaks rather than bottoms. This sentiment gap highlights caution among smaller participants, while institutional or larger holder interest appears steady. Expert analysis from market observers notes that such divergences often precede volatility shifts, with historical data showing similar patterns leading to 20-30% recoveries in memecoins during bear phases.
SPX6900 was trading within a clear bearish structure as of late December 2025, with prices heading toward a critical support zone around $0.44. This level aligns with the October 10 low and has previously sparked short rallies. The Moving Average Convergence Divergence (MACD) indicator shows sellers losing steam, as the signal line begins an upward turn, a classic sign of exhaustion. Open interest in SPX6900 futures has risen notably from $8 million to $11.47 million, creating a bullish divergence against the falling price. Trading around a prior bounce zone further supports the case for potential upside.
Source: TradingView
A breach below $0.44 could intensify the sell-off, but holding this support might trigger a rebound toward $0.75, a level that has acted as resistance and prompted sales on three prior occasions. Market participants’ behavior, reflected in these metrics, indicates growing accumulation interest despite the price pressure.
The broader memecoin ecosystem provides context for SPX6900’s movements. Peaking at over $150 billion in market capitalization earlier in 2025, the sector has since contracted sharply to around $43 billion, an 81.6% year-to-date decline in interest and dominance. Even established players like Dogecoin are losing ground, with market share eroding amid liquidity fragmentation across numerous new tokens. Reports from CoinGecko highlight how shifting narratives and investor preferences have accelerated this downturn, making reversals challenging for individual assets like SPX6900.
Frequently Asked Questions
Is SPX6900 showing signs of reversal after the recent memecoin crash?
Yes, SPX6900 exhibits reversal potential through bullish divergence in open interest and MACD, with prices testing $0.44 support. On-chain data from CryptoQuant shows persistent buyer dominance since December, though retail sentiment lags. A hold above key levels could lead to a 50-70% bounce based on historical patterns.
Why has the memecoin market cap crashed since late 2024 highs?
The memecoin market cap has plummeted from over $150 billion due to waning dominance, reduced investor interest, and narrative shifts toward more utility-focused cryptos. Year-to-date, interest has dropped 81.6%, with liquidity spread thin across tokens like Pump.fun and Useless Coin, exacerbating losses as seen in recent 6.8% sector declines.
Key Takeaways
- Technical Divergence in SPX6900: Rising open interest to $11.47 million contrasts with price drops, signaling potential bullish reversal if $0.44 holds.
- Mixed On-Chain Sentiment: Buyers dominate futures and spot CVD, but neutral retail activity per CryptoQuant suggests caution amid broader sector weakness.
- Sector-Wide Challenges: Memecoin dominance fell 81.6% YTD from $150B peak; monitor liquidity for SPX6900’s isolated bounce opportunities.
Source: CryptoQuant
Conclusion
While the memecoin sector grapples with an 81.6% decline in interest and a market cap shrinkage from $150 billion, SPX6900’s technical and on-chain signals offer a glimmer of reversal potential amid the 2024 crash aftermath. Sources like TradingView and CryptoQuant underscore the divergence between price action and underlying activity, pointing to seller exhaustion. As investor behavior evolves, tracking SPX6900’s support at $0.44 will be crucial—position yourself for emerging opportunities in this volatile space by monitoring key metrics closely.
Source: https://en.coinotag.com/spx6900-may-signal-reversal-as-memecoin-sector-faces-continued-decline