Viral meme coin TOKEN6900 (T6900) is in take-off mode. Since listing yesterday, the price has rocketed from a launch price of $ 0.00715 to $0.0118, for a 65% gain.
Those who bought early in presale have seen the highest gains. The ‘Murad Coin’, which is modelled on SPX6900, had a starting price of $0.0064 in presale. Buyers at that price are now sitting on gains of 85%.
Bulls are eyeing price discovery to take the coin to $0.022 by tomorrow or perhaps sooner, which would equate to a 207% gain on yesterday’s launch price. For the earliest presale buyers, the $0.022 price target represents a gain of 241%.
Anyone who bought in at yesterday’s T6900 low of $0.0049 is currently in the money by 140%.
Source: DexTools
T6900 outperforms SPX6900 on launch day
T6900 token’s stellar returns come at a time when the rest of the market has been struggling for direction, making the gains all the more impressive.
But the real standout comparator is the SPX6900 launch-day performance – SPX6900 managed a gain of just 1.31% on its listing day, so TOKEN6900 has massively outperformed it, putting on 32% in yesterday’s session.
There are now signs in the broader market that altcoins are about to make a new breakout, and meme coins like T6900 could be in the vanguard of the move.
Yesterday’s data indicating softness in the labor market has analysts betting that the Fed could be forced into making deeper interest rate cuts than previously envisaged.
The release of US non-farm payrolls data on Friday could be decisive. A fourth reading showing sub-100k job growth may be pivotal for crypto markets.
Aside from the macro backdrop, the TOKEN6900 technicals are promising. Despite three major bouts of profit-taking, the price has established a definite uptrend, albeit over an extremely short timeframe.
Price momentum is now soaring. Trading volume has leapt from about $250k a couple of hours into the start of trading to nearly $1 million now.
T6900 trading volumes rising – is a CEX listing coming into view?
Other metrics are equally bullish. The number of token holders has leapt to 5.27k, more than doubling from the initial hours of its debut. Locked liquidity is another positive, now valued at $408k.
Eyeballs are turning to T6900 in a big way. Popular trading site Dexscreener shows T6900 trending as high as 4th position ahead of WLFI and other ERC-20 tokens.
Another consideration for the bullish side of the ledger is future exchange listings. As far as centralized exchanges go, SPX6900 is now listed on multiple ones, with the highest trading volumes on ByBit, Gate, and Kraken.
There is no reason why T6900 token can’t be on the same glide path if trading volumes and market capitalization continue to surge. T6900’s market cap has already surpassed $10 million.
In its short life, TOKEN6900’s all-time high is $0.01351, which bulls are likely to re-test today. Judging from the launch time of 2pm UTC yesterday and the US-centric ethos of the coin, it is a fair guess that although the token has buyers around the world, the largest pool of interest is in the US.
That being so, we can expect the most bullish price action to kick in when the morning session starts, even while taking into account the growing level of bot-driven trading activity that does not respect time zones. Expect an explosion at the opening bell for US markets.
You can currently earn 76% APY from staking T6900
The T6900 token has a staking facility that is proving attractive to buyers. The amount of staked tokens stood at 44 million on Wednesday and has now jumped to 66 million.
Token holders are making the most of the 76% per annum rewards, but securing the passive income has to take into account the dynamic yield, which resets in real time to reflect the changing value of deposits into the staking smart contract.
Staking is price-supportive for the token because it removes selling pressure while the tokens are locked and earning passive income. T6900 tokens start vesting over the 30-day period from claim/launch day.
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