Whale Dumps SPX, But Is This Memecoin Done For?

by

Key Takeaways

A big fish cashed out some SPX6900 as it hit a new high. But hold on, the overall picture is a bit more…complicated. Will SPX6900 take a dip back to its trusty trendline, or is this the beginning of the end? 🤔

On July 20th, Onchain Lens spotted a whale depositing a cool 2.53M SPX6900 tokens onto Bybit, pocketing a sweet $4.46M profit as the price soared to new heights. This whale had previously snagged a whopping 13.34M SPX, but was still holding onto a stash worth over $11M at the time. Talk about a diamond hand! 💎

But here’s the twist: looking at the bigger picture, IntoTheBlock data revealed that overall profitability was sitting pretty in the 90th percentile. No one was in the red, but 7% were just breaking even.

Zooming in on the accumulation addresses, the two biggest support zones were between $0.57-$0.72 and $0.00024-$0.05, with 2,140 and 1,790 addresses buying SPX respectively. The latter bunch seem to have hopped on board during the early days. The most recent support was between $1 and $1.32.

While most holders are swimming in profits, the mood isn’t exactly euphoric. It’s more like… cautious optimism? 🤔 These folks are likely holding tight for more gains, and their sheer numbers could keep SPX6900 riding high as the top performer this cycle.

Interestingly, 74% of traders have been holding for between one month and a year, while only 3% have been in for longer than a year. Meanwhile, 14 whales control a whopping 40% of all addresses holding more than 1% of the total supply. Investors, on the other hand, make up only 31.51% with 115 participants.

So, where is SPX6900 headed? 🧭

Will the Trend Take a Breather After Reaching New Heights?

Technically, SPX6900 looks super bullish. The price has been respecting a rising trendline support since March 11th. Every time it dips to this line, it bounces back like a rubber ball. 🏀

Right now, SPX6900 seems to be forming a triangle pattern, hinting at another bounce off the support that could lead to a breakout. 🚀

However, the momentum indicator is starting to lose steam after the price stalled around the all-time high of $1.83. Maybe it’s just taking a breather? Or maybe… something else is brewing? 🤨

On the flip side, SPX6900 could break below the ascending triangle. This would turn the short-term outlook bearish. And if the big whales start dumping, things could get really interesting… 😬

For now, SPX6900 is still riding the bull wave, but the tide could turn. Only time will tell. ⏳

Read More

2025-07-21 00:10