Memecoins on Ethereum

Ethereum is the largest platform for memecoins, supporting the leaders of this segment, Dogecoin and Shiba Inu. However, a breakthrough in this network has been the SPX6900 (SPX) token, which has grown by 9,362% since the beginning of the year. As a result, its market capitalization has reached $748 million, making it one of the top 15 memecoins.

At the time of writing, SPX has been unable to overcome the barrier of $0.91 for two months. Despite the overall market growth, the short-term forecast for the memecoin remains bleak.

Overcoming the mark of $0.91 is important for SPX to return to its historical maximum of $1.19, which is almost 50% higher than the current price. Critical support is at $0.56. Recently, it has mainly kept the altcoin afloat.

Losing this support could invalidate the bullish scenario and lead to significant losses. It could also trigger increased selling, as SPX holders may prefer to take profits.

Ethereum will continue to dominate this area due to the precedent set by older memecoins. However, it may face tougher competition from Solana, as this network is significantly cheaper.