Investors Are Shorting This Meme Coin Like It’s Their Ex’s New Partner! 😂💔

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Meme coins have officially become the sad puppy of the crypto world, with their total market cap plummeting by over $10 billion in just one week. You’d think this would be a time for traders to swoop in like superheroes, but nope! Instead, they’re opening short positions on the SPX6900 (SPX) meme coin faster than I can say “What’s a meme coin?” Why? Let’s dive into this dumpster fire! 🔥

Investors Increase Short Positions on SPX Meme Coin

Normally, after a crypto market crash, prices rebound like a bad relationship. But according to Coinglass, traders are convinced that SPX is still on its way down, despite a 30% drop. Talk about a pessimistic outlook! 😬

The SPX meme coin is seeing a surge in short positions that would make even the most seasoned trader blush. In fact, it has the largest number of newly opened short positions in the last 24 hours. Open interest shot up by 81% as traders bet that this meme coin is going to keep spiraling downwards. 🎢

SPX is one of those low-cap meme coins with a market cap of $256M. As of now, it’s trading at $0.27 after a jaw-dropping 23% drop in just 24 hours. Analysts like Arthur Hayes are saying SPX is a stonk that’s about to take a nosedive. Buckle up! 🚀

Expert Trader Makes $3.3M Loss After SPX Crash

Top crypto analyst and trader Murad just took a $3.3M hit on his SPX holdings after the meme coin price fell by 30%. This guy was all about SPX, claiming it would flip Dogecoin by market cap. Spoiler alert: it didn’t. 😱

Data from Arkham shows that after the price dropped, Murad suffered a 30% loss. He holds 29.96 million tokens, valued at approximately $7.9 million. Ouch! That’s gotta sting! 🥴

Such steep losses are fueling the negative vibes around the SPX meme coin, leading to a high demand for short positions. It’s like a bad breakup that just keeps getting worse! 💔

SPX Price in Focus – Can the Meme Coin Recover?

SPX price has plummeted by 81% from its all-time high of $1.27 back in January 2025. Now, it’s staring down the barrel of another drop to the 123.6% Fibonacci retracement level of $0.139. Yikes! 📉

The bearish momentum is stronger than my coffee addiction, as shown by the oversold RSI and the Awesome Oscillator bars that are getting longer. As traders keep racking up losses, buyer interest is bound to drop faster than my motivation on a Monday morning. ☕️

Ultimately, the SPX meme token has taken the biggest hit in the last 24 hours, with traders losing millions. With rising short positions indicating low confidence in a price recovery, SPX might just drop below $1 soon. Stay tuned for the next episode of “As the Meme Coin Turns!” 📺

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2025-03-11 18:15