Can SPX and GIGA get on board?
Written by: Arain, ChainCatcher.
Editor: Nianqing, ChainCatcher.
Have you seen this person?
With a muscular physique, a wide and ample chin, grinning with a toothy smile, showcasing a mysterious smile.
Yes, it’s just that, it might not fit your definition of a 'handsome guy,' but in today's internet, his hardware conditions are related to the definition of 'handsome guy,' he is 'Gigachad.'
We all know that 'Meme Theologian' Murad rose to fame through SPX, and the Gigachad-named Memecoin GIGA is also one of Murad's favored Memecoins. Recently, Murad stated on his social media, '#SPX6900 and GIGA will become the DOGE and SHIB of this cycle.'
In the past week, SPX and GIGA have performed well. According to Coingecko data, SPX currently has a market cap of about $1.4 billion, ranking it among the TOP10 Memecoins, with over 80% increase in the past week, leading the increase and even surpassing the currently popular ai16z. $GIGA's performance is slightly weaker, with a market cap of about $800 million, ranking as the 15th largest Memecoin, and a roughly 40% increase in the past week.
1. Murad's preference for cult-like Memes.
As one of the top KOLs in the Memecoin space, Murad's words and actions are closely watched by the market, and even saying a single word can turn into news.
Murad graduated from Princeton University and worked in traditional financial institutions like Goldman Sachs and Glencore before 2016. He later resigned to focus on Bitcoin and established the Adaptive Capital fund in 2017, unfortunately, the fund closed down in 2020 after encountering the crash on March 12 due to 'insufficient infrastructure.'
But Murad cannot be easily defeated. In 2022, he made a full comeback on social media, diving into the world of Memecoins. He proposed the Memecoin Supercycle theory, believing that Memecoins are 'borrowing lessons' from value coins, gaining attributes and speculative premiums, and are about to start a 'Meme Supercycle', where Memecoins will not just be internet jokes but legitimate investment assets with passionate followers. This view has led investors to reassess Memecoins.
SPX and GIGA are both Memecoins that Murad first invested in, besides which, there are PEPE, SIGMA, APU, and POPCAT, among others. Notably, SPX and GIGA form a high-frequency mentioned pair of Memecoins—comparable to the current largest Memecoin DOGE and the second-largest Memecoin SHIB, indicating Murad's expectations for these two Memecoins.
So why are these two Memecoins so attractive that they catch Murad's attention?
It is well known that Murad prefers mid to high market cap 'cult-like' Memecoins, mainly adopting the 'Price to Faith Index' investment strategy, which suggests that investors should look for projects with high faith but low price, i.e., undervalued Memecoins that meet most screening criteria and typically have only one or two metrics that fall short, making them easy to improve, and have extremely enthusiastic community support.
SPX and GIGA, one is a financial Meme, the other is a 'handsome guy' Meme (which can be understood as a cultural reference), seemingly two types of Memes, but they share common characteristics: 1. Both are community-driven Memecoins; 2. Both have the backing of centralized exchanges.
2. SPX6900: Fighting finance, satirizing the S&P 500.
Murad's fondness for SPX has led him to proactively change his X profile to 'a believer in SPX.'
Let's take a look back at Murad's performance on SPX: When Murad first held SPX, the market value of the currency was only $10 million, and now it has risen to approximately $1.4 billion, with Murad's unrealized gains exceeding $14 million.
Currently, the market cap of DOGE is about $57 billion. If SPX were to surge again—wow, that’s quite an ambition, just like the story SPX tells. However, Murad believes SPX has the opportunity to break through $100 billion.
SPX, full name SPX6900, is compared to the famous S&P 500 index, aiming to challenge this 'giant' in traditional finance. But challenging this giant has nothing, relying mainly on 'dreams,' even the official website is fan-operated, stating in the introduction on the Meme's website: 'The SPX6900 token is a Memecoin intended for entertainment purposes only and is not associated with any stock, equity, or security. Any resemblance or association between SPX6900 and the 'stock market' is purely coincidental and is intended for satire or humor.'
Elon Musk once said, 'Mathematically, 6900 cannot be contained by 500.'
This sentence used to be confusing; it was also posted on the SPX6900 website, perhaps the number 6900 embodies the essence of this Meme. The story of this Meme is part of the financial protest movement, attempting to become the third story of retail investors versus institutions following Occupy Wall Street and Gamestop.
Therefore, SPX6900 shouts: '6400 points above the S&P 500 index. It's the stock market that serves the people. SPX6900 sows the seeds for tomorrow's forest. SPX6900 nourishes the souls and bodies of millions. SPX6900 serves you, your children, and countless generations to come.'
In this sense, SPX6900 and GIGA are similar, representing a somewhat cult-like spirit and culture.
In this culture, the use of memes in ironic scenarios includes the following:
6900 traders symbolically 'storm' the New York Stock Exchange, advocating for SPX6900 to exceed the S&P 500 index.
The U.S. Federal Reserve is described as considering using SPX6900 tokens to replace US dollar bills, capturing the sometimes speculative nature of cryptocurrency discussions.
Federal Reserve Chairman Jerome Powell's 'support' for SPX6900 is a fictional depiction of a hypothetical shift in financial policy.
Fans of SPX6900 jokingly suggested establishing a 'National Mary Rose Day' to celebrate the token's popularity.
SEC Chairman Gary Gensler humorously expressed 'regret' for not investing in SPX6900, while former Treasury Secretary Janet Yellen enjoyed hypothetical gains.
However, it should be noted that SPX6900 initially had a development team. SPX was fairly launched in August 2023, but soon the developers exited the project by abandoning the contract, locking liquidity for an extended period, and deleting social media, causing community panic. Ultimately, the project community spontaneously took over SPX6900, transforming it into a fully decentralized Memecoin project in 2024, with all social activities created and operated by the community, including meme creation, promotion, etc.; all initiatives were also driven by the community, such as trading strategy formulation and ecological development.
BitMart was the first exchange to list SPX6900, followed by others like Bybit also offering 'olive branches'; currently, there are expectations for SPX6900 to go live on Binance.
3. GIGA: Committed to fitness and health in handsome guy culture.
Chad, a term originally used to describe muscular, simple-minded boys. Gigachad is an upgraded version of Chad, simply put, it retains physical purity while discarding the downsides of simple-mindedness. Therefore, Gigachad's goal is perfection; it is a summary of a handsome man and should have no flaws.
Gigachad culture originated in 2017 when someone posted relevant pictures online, claiming that 'Bogdanov's genetic research has made remarkable progress,' clearly referring to the exaggerated jaw of Gigachad just like Bogdanov's. He added, 'The perfect Gigachad is destined to lead us against the lizard people.'
In 2020, the meme 'Average Fan vs. Average Enjoyer' began to rise in popularity, with Gigachad representing the 'enjoyer' due to his image advantage, widely spreading through meme videos. His image originates from the artistic photography project of Lithuanian photographer Krista Sudmalis, featuring model Ernest Khalimov (the 'Gigachad' himself) whose photos are heavily Photoshopped, showcasing exaggerated muscles and unique aesthetics, attracting significant online attention, thus forming a unique internet cultural phenomenon.
As Gigachad's popularity continues to rise, artists and models launched the gigachad.army clothing brand and Gigachad NFT in collaboration in 2021, realizing traffic monetization. Subsequently, the GIGA coin, based on 'Gigachad' culture, emerged to harness the power of memes and 'Chad energy' to attract community members.
GIGA is a community-operated project without centralized ownership, emphasizing ideals of personal growth and self-discipline, resonating with the strong and confident image presented in 'Gigachad' culture. Community members participate in decision-making through governance functions, jointly promoting project development, ensuring the project's direction aligns with the values and goals of community members.
The GIGA community has made some achievements in fitness and health. The community launched the Giga Motion and Giga Fitness programs, focusing on fitness and health, offering fitness challenges and merchandise, aimed at supporting community members in participating in physical and mental resilience exercises, enhancing community cohesion and sense of belonging. Community members actively respond to these programs by participating in fitness challenges and purchasing related products, improving their health levels.
GIGA has currently received recognition from figures such as Ernest Khalimov himself, Mike O'Hearn, and UFC fighter Paulo Costa.
Currently, GIGA can be traded on some centralized exchanges, most notably it has already been listed on well-known exchanges like Coinbase (though not yet on Binance).
Murad believes that in the future, GIGA will become the largest Memecoin on Solana and expects its market cap to exceed $5 billion by 2025.
However, regarding Murad's expectations, SPX can indeed push forward, no wonder he calls himself a believer of SPX. However, GIGA replacing SHIB is still somewhat challenging; if we talk about expected returns, GIGA might be the next SHIB—can you appreciate the aesthetics of GIGA?
