Can SPX and GIGA get on board?
Written by: Arain, ChainCatcher
Editor: Nianqing, ChainCatcher
Have you ever met this person?
He has a muscular body, a wide and plump chin, and a toothy grin that shows a mysterious smile.
Yes, that’s the thing. It may not meet your definition of “handsome guy”, but on the current Internet, its hardware conditions are relevant to the definition of “handsome guy”, and it is “Gigachad”.
We all know that "Meme Theologian" Murad became famous for SPX. Gigachad's eponymous Memecoin GIGA is also one of the Memecoins that Murad recommends. Recently, Murad said on his social media that "#SPX6900 and GIGA will become DOGE and SHIB in this cycle."
In the past week, SPX and GIGA have performed well. According to Coingekco data, SPX currently has a market value of about $1.4 billion and is a TOP10 Meme coin. In the past week, it has risen by more than 80% among the TOP10 Memes, leading the increase and even surpassing the currently popular ai16z. $GIGA's performance is slightly weaker, with a current market value of about $800 million, just ranking as the 15th largest Meme coin, and has risen by about 40% in the past week.
1. Murad, who prefers cult memes
As one of Memecoin’s top KOLs, Murad’s words and deeds are now attracting much attention from the market, and even a word he says may become a news item.
Murad graduated from Princeton University. Before 2016, he worked in traditional financial institutions such as Goldman Sachs and Glencore. Later, he resigned to concentrate on Bitcoin. In 2017, he founded the Adaptive Capital fund. Unfortunately, it encountered the March 12 crash in 2020, and the fund closed down due to "inadequate infrastructure."
But Murad is not easily defeated. In 2022, he returned to social media with full blood and plunged into the world of Meme coins. He proposed the Memecoin Supercycle theory, thinking that Memecoin is "stealing" from value coins, acquiring attributes and speculative premiums, and is about to start a "Meme Supercycle". In the future, Memecoin will not only be an online joke, but will become a legitimate investment asset with a large number of enthusiastic followers. This view has made investors begin to re-examine Memecoin.
SPX and GIGA are both Memecoins that Murad first purchased. In addition, there are PEPE, SIGMA, APU and POPCAT. Among them, SPX and GIGA are a group of Memecoins that Murad mentioned frequently. SPX and GIGA are respectively compared with the largest Memecoin DOGE and the second largest Memecoin SHIB, which shows Murad's expectations for these two Memecoins.
So why are these two Memecoins so attractive that they caught Murad's eye?
As we all know, Murad prefers "cult-like" Memecoins with medium to high market capitalizations. Secondly, he mainly adopts the "price and belief index" investment strategy. This strategy believes that investors should look for projects with high belief but low price, that is, Memecoins that are undervalued but meet most of the screening criteria. These projects usually only have one or two indicators that are not up to standard, are easy to improve, and have extremely enthusiastic community support.
SPX and GIGA, one is a financial meme, and the other is a "handsome man" meme (which can be understood as a cultural stalk). They seem to be two types of memes, but they have the following common features: 1. Both are community-driven memecoins; 2. Both are supported by centralized exchanges;
2. SPX6900: Fighting against finance and satirizing S&P 500
Murad's love for SPX made him change his X profile to "SPX believer".
Let's review Murad's performance on SPX: When Murad first held SPX, the market value of the currency was only 10 million US dollars. Now it has risen to about 1.4 billion US dollars, and Murad's floating profit exceeds 14 million US dollars.
Now DOGE's market value is about $57 billion. If SPX wants to jump again, it's ambitious, just like the story SPX tells. However, Murad believes that SPX has a chance to break through $100 billion.
SPX, full name SPX6900, is a benchmark against the famous S&P 500 index, and wants to challenge this "giant" in the traditional financial world. But it has nothing to challenge this giant, mainly relying on "dreams". Even the official website is operated by fans, and it is stated on the website introduction of the Meme: "The SPX6900 token is a Memecoin, used for entertainment purposes only, and has no connection with any stock, equity or security. Any similarities or associations between SPX6900 and the "stock market" are purely coincidental and are intended to be sarcastic or humorous."
Elon Musk once said, "Mathematically speaking, 6900 cannot be contained by 500."
This sentence once confused people, and it was also posted on the SPX6900 website. Perhaps the number 6900 is the temperament of this Meme. The story of this Meme is part of the financial protest. After Occupy Wall Street and Gamestop, it attempts to become the third story of retail investors versus institutions.
Therefore, SPX6900 shouts out its slogan: "6400 points higher than the S&P 500. It is a stock market "for the people". SPX6900 sows the seeds for the forest of tomorrow. SPX6900 nourishes the souls and bodies of millions of people. SPX6900 serves you, your children and countless generations to come."
In this sense, SPX6900 is similar to GIGA, a kind of evil spirit and culture.
In this culture, the use of Meme in ironic scenarios is as follows:
- 6,900 traders symbolically "stormed" the New York Stock Exchange, advocating that the SPX6900 outperform the S&P 500.
- The U.S. Federal Reserve was described as considering replacing dollar bills with the SPX6900 token, capturing the sometimes speculative nature of cryptocurrency discussions.
- The fictional depiction of Federal Reserve Chairman Jerome Powell "supporting" SPX6900 depicts a hypothetical shift in financial policy.
- Fans of the SPX6900 jokingly proposed establishing a “National Mary Rose Day” to celebrate the token’s popularity.
- SEC Chairman Gary Gensler humorously expressed "regret" for not investing in the SPX6900, while former Treasury Secretary Janet Yellen enjoyed hypothetical gains.
But then again, SPX6900 initially had a development team, and SPX was fairly launched in August 2023, but the developers soon withdrew from the project by abandoning the contract, locking liquidity for an excessively long time, deleting social media, and other means that caused panic in the community. Eventually, the project community spontaneously took over SPX6900, and in 2024, SPX completed its transformation, making it a completely decentralized Memecoin project. All social activities are created and operated by the community, including meme creation, publicity and promotion, etc.; all initiatives are also driven by the community, such as trading strategy formulation, ecosystem construction, etc.
BitMart Exchange is the first exchange to list SPX6900, followed by other exchanges such as Bybit. Currently, SPX6900 is expected to be listed on Binance.
GIGA: A culture of men committed to fitness and health
Chad, this word was originally used to describe boys who are strong in body but simple in mind. Gigachad is an upgraded version of Chad, which simply means that it discards the side effect of simple mind while retaining the purity of the body. Therefore, Gigachad's goal is perfection, which is a general term for a handsome man, and he should not have any shortcomings.
Gigachad culture originated in 2017, when someone posted relevant pictures online and said that "Bogdanov's genetic research has achieved remarkable results", which is obviously saying that Gigachad has an exaggerated jaw like Bogdanov. He also added that the "perfect Gigachad" is destined to lead us against the Lizard People.
In 2020, the "Average Fan vs. Average Enjoyer" meme became popular. Gigachad became the representative of the "enjoyer" of the meme due to his image advantage and was widely spread through meme videos. His image originated from the art photography project of Lithuanian photographer Krista Sudmalis. The photo of model Ernest Khalimov (that is, "Gigachad" himself) was deeply photoshopped to show exaggerated muscles and unique beauty, which attracted a lot of attention from netizens, thus forming a unique online cultural phenomenon.
As Gigachad’s popularity continued to grow, the artist and model collaborated to launch the gigachad.army clothing brand and Gigachad NFT in 2021, realizing traffic monetization. Subsequently, the GIGA coin based on the “Gigachad” culture came into being, aiming to use the power of memes and the energy of “Chad” to attract community members to participate.
GIGA is a community-run project with no centralized ownership, emphasizing the ideals of personal growth and self-discipline, which echoes the strong and confident image displayed in the "Gigachad" culture. Community members participate in decision-making through governance functions and jointly promote project development, so that the direction of the project is consistent with the values and goals of community members.
The GiGA community has made some achievements in fitness and health. The community has launched the Giga Motion and Giga Fitness programs, which focus on fitness and health, provide fitness challenges and products, aiming to support community members in participating in physical and mental resilience exercises and enhance community cohesion and sense of belonging. Community members have actively responded to these programs and improved their health levels by participating in fitness challenges and purchasing related products.
GIGA has currently been endorsed by figures such as Ernest Khalimov himself, Mike O'Hearn and UFC fighter Paulo Costa.
Currently, GIGA can be traded on some centralized exchanges, and the most noteworthy thing is that it has been listed on well-known exchanges such as Coinbase (but not on Binance yet).
Murad believes that in the future, GIGA will become the largest Memecoin on Solana and expects its market capitalization to reach more than $5 billion by 2025.
However, according to Murad's expectation, SPX can take the lead. No wonder he calls himself a believer in SPX. However, it is still a bit difficult for GIGA to replace SHIB. In terms of expected returns, it may be the next SHIB. Can you appreciate GIGA's aesthetics?
