CandleFocus SPX6900 (SPX) meme token ended up in BlackRock’s wallet
2024-10-14
Author: Content Editor
BlackRock, the world's largest asset manager, has been revealed to hold a significant amount of the meme token SPX6900 (SPX), making it the fourth-largest holding in their wallet after BTC, ETH, and USDC. The wallet's SPX holdings amount to around $72,000, although this is a relatively small amount considering the scale of BlackRock. The SPX token received a boost from crypto influencer Murad Mahmudov and has charted a series of all-time highs. BlackRock's wallet also contains a smaller share of MOG, another token recommended by Mahmudov. The meme tokens in BlackRock's wallet follow a pattern of being allocated at once and not being actively traded. This differs from the approach of Vitalik Buterin, who liquidates all meme token allocations. SPX aims to "flip" Wall Street and create a culture of holding to increase its market valuation. The recent meme coin cycle aims to recreate the cult status of Bitcoin and attract retail buyers. Meme tokens as a whole have responded well to the hype, with a total market cap above $52 billion.
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