Ethereum is the largest home of meme coins, with bellwethers Dogecoin and Shiba Inucoin. However, the breakout coin on the chain is SPX6900 (SPX), which has grown 9,362% year to date.
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This altcoin has caught the trend and successfully attracted the interest of memecoin enthusiasts. This has made it one of the 15 largest memecoins in the world with a market capitalization of $748 million.
As of this writing, SPX is trading at $0.80, but has been hovering below the $0.91 mark for the past two months. Despite the rally in the broader market, the short-term outlook for the meme coin is not optimistic.
A breakout above $0.91 is crucial for SPX to return to its all-time high of $1.19, which is nearly 50% away from the current price. The key support level for the meme coin is at $0.56, which has kept the altcoin stable for most of the recent time.
Losing this support could invalidate the bullish thesis and lead to huge losses for investors. It could also lead to increased selling as SPX holders choose to secure their gains.
Ethereum will continue to dominate the space due to the bias and precedent established by older meme coins. However, Ethereum may face stiffer competition from Solana due to the significantly lower costs of the Solana chain.
Basechain-based meme coins have not seen as much growth as Ethereum and Solana. However, Brett (BRETT) is one of the standout meme coins, having achieved an unprecedented 12,800% growth in the past 12 months.
BRETT is currently trading at $0.125, well below its all-time high of $0.236 set this month. The meme coin relies on broader market bullish signals to return to the top.
The altcoin is currently holding above $0.100, a key support level for BRETT, and is unlikely to fall below this level. However, a massive sell-off by investors could cause the price to fall below $0.100, which could shake investor confidence.
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