SPX6900 surges 15% as Upbit and Bithumb listings drive demand

SPX6900 has climbed more than 15% in the past 24 hours after securing listings on South Korea’s two largest cryptocurrency exchanges, while whale activity and fresh accumulation by a major market maker have added to buying interest.

South Korea’s leading exchanges, Upbit and Bithumb, announced support for SPX6900 SPX on June 16, opening access to the meme token for local traders through KRW trading pairs. 

Upbit launched trading across KRW, BTC, and USDT markets at 14:00 KST, while Bithumb scheduled its SPX/KRW market to begin three hours later.

The listings have placed SPX in front of one of the world’s most active retail crypto markets. 

According to data from CoinGecko, the token was trading near $0.39 after reaching an intraday high of $0.40, with weekly gains exceeding 25%.

Additional buying interest emerged from on-chain activity.

According to OnchainLens, a newly created wallet deposited  US$1.7 million (approx. $2.4 million) in USDC and opened a 49,687 SPX long position with 10x leverage on HyperLiquid. At the time of reporting, the position was valued at roughly US$8.5 million (approx. $11.8 million).

At the same time, on-chain reports indicated that crypto market maker Wintermute increased its SPX holdings. 

The combination of exchange listings, whale positioning, and accumulation activity has drawn renewed attention to the token, which is based on a parody of the S&P 500 and primarily derives its appeal from internet culture and meme-driven branding.

SPX6900 price analysis

Recent chart data shows SPX6900 breaking out of a consolidation range that had held for several weeks. 

On the four-hour chart, the token moved above a major volume cluster between $0.33 and $0.35, an area identified by the Volume Profile Visible Range indicator as one of the most actively traded zones during the recent downtrend.

SPX6900/USDT 4-hour price chart. Source: TradingView.

Trading above that high-volume region suggests buyers have so far accepted higher prices following the exchange listings. 

The same volume profile shows relatively limited trading activity between $0.39 and $0.45, which could allow for larger price swings if momentum continues or reverses.

Momentum indicators also point to strong short-term demand. The four-hour Relative Strength Index has climbed to about 74, placing SPX in overbought territory. 

While elevated RSI readings can precede pullbacks, the indicator has continued to rise alongside price, showing no clear bearish divergence at the time of writing.

On the daily chart, however, the outlook is a lot different.

After spending months below key moving averages, SPX6900 has reclaimed its 20-day, 50-day, and 100-day exponential moving averages.

SPX6900/USDT 1-day price chart. Source: TradingView.

Those levels currently sit near $0.34 to $0.36 and have turned into nearby support areas following the latest rally.

Daily RSI has risen to around 63, a level that remains below traditional overbought territory and suggests momentum is still improving on a higher timeframe.

Price, however, remains below the 200-day exponential moving average near $0.46.

For now, that long-term moving average represents the next major resistance level. 

A move toward the $0.45 to $0.46 region could come into focus if buying pressure linked to the Korean listings and recent whale activity persists, while a return toward the $0.33 to $0.35 volume cluster would likely test whether the latest breakout can hold.