SPX whale takes profits but the memecoin remains strong: Here’s why

Key Points

1. A whale deposited 2.53M SPX6900 tokens into Bybit, securing a $4.46M profit, while still holding a significant portion of their initial 13.34M SPX.

2. Despite the ATH, most chain traders were at a loss, with only 7% breaking even, and key support levels identified at $0.57-$0.72 and $0.00024-$0.05.

3. 14 whales hold 40% of all addresses with more than 1% of the token supply, indicating concentrated ownership.

4. Technical analysis suggests SPX6900 is bullish but may face short-term declines as momentum fades near the ATH of $1.83.

5. Investor participation is relatively low at 31.51%, raising questions about the sustainability of the current price trend.