SPX6900 Surges 60% in One Week Amid Memecoin Sector Boom

The memecoin sector has been one of the strongest-performing ones over the past week, according to Glassnode data. The sector saw a 16% return on average, outperforming only Layer 2 tokens with an 18% weekly gain.

SPX6900, a parody of the S&P500, was up 60% over the past week and almost 16% in just the past 24 hours as of writing. Its Open Interest (OI) has soared by nearly 30% in a day, indicating strong short-term spot and derivatives demand.

The OI climbed from $12.1 million on August 19th to $32.5 million at the time of writing. Alongside this uptick in OI, the spot CVD began to reverse its downward trend, showing increasing spot demand.