The manifesto on the SPX6900 website proudly declares, “It’s the stock market for the people. SPX6900 is for you, your children, and countless generations after.”

A crypto movement aiming to revolutionize the U.S. stock market is one step closer to achieving its audacious goal, although trillions of dollars are still in its sights.

SPX6900 (SPX) reached a new milestone earlier on Friday, crossing a $1.1 billion market capitalization and hitting an all-time high of over $1.25, surpassing the previous record of 90 cents set in November. This surge comes amid growing interest in memecoin cultures on Crypto Twitter.

Meanwhile, AI Agent-related projects, including Virtuals (VIRTUALS) and ai16z (AI16Z), saw an average decline of 8%, as skepticism around their AI claims continued to grow, as noted in a CoinDesk analysis.

The Ethereum-based SPX6900 has a total token supply of 930 million, and its devoted community has rallied around the idea that the project is a key to unlocking financial freedom.

A passage from the SPX6900 manifesto reads: “You were born into a world where owning a home means shouldering a mortgage in the hundreds of thousands. You’ve entered a market where the stock market has already seen its greatest gains, leaving you questioning what’s left for you. You’re navigating a world shaped by the aftermath of 9/11, a devastating 2008 recession, a global pandemic, inflation, and growing unrest.”

It continues: “SPX6900 is the reset. SPX6900 is the canvas on which new financial dreams are painted. It’s the S&P500 with 6400 more. It’s the stock market for the people. SPX6900 is for you, your children, and generations to come.”

This rhetoric mirrors the principles that led to the creation of Bitcoin in response to the 2008 financial crisis.

Since early 2023, memecoins have evolved beyond simple dog-themed or cat-themed tokens into full-fledged movements centered on specific ideas, concepts, and ideologies. Communities surrounding tokens like mog (MOG), giga (GIGA), and SPX have thrived on platforms like X, where users passionately back these tokens despite their seemingly playful nature.

The SPX6900 community popularized the Crypto Twitter phrase “stop trading and start believing in something,” encouraging long-term token holding rather than constant flipping for newer projects. This shift in mentality is seen as one of the factors behind SPX’s loyal following.

Some proponents believe that SPX6900 has the potential to overtake dogecoin (DOGE), currently the largest memecoin by market capitalization at $51 billion.

In a recent interview, well-known memecoin enthusiast @MustStopMurad shared his belief, stating, “It’s the only token with a memetic target. Even if it reaches 10% of that, 1% of that, or even 0.1% of that… it’s still worth $45 billion. I truly think dogecoin will be overtaken by SPX, which is the BTC of memes.”

Murad further likened SPX6900 to the GameStop (GME) phenomenon, calling it “the next GME,” referring to the cult-like following that propelled GameStop’s stock price during its peak.