The post SPX6900 (SPX) meme token ended up in BlackRock’s wallet appeared on BitcoinEthereumNews.com.

BlackRock’s publicly known wallet contains a relatively new meme token, SPX6900 (SPX). The asset, which got a boost from crypto influencer Murad Mahmudov, charted a series of all-time highs.  BlackRock turned out to be a holder of SPX6900, the irreverent meme token that aims to ‘flip’ Wall Street. The SPX token is also the fourth-largest holding of BlackRock, after BTC, ETH and USDC.  The publicly known wallet of BlackRock, listed by Arkham, is linked to the company’s ETF reserves, as well as side activities. The SPX in the wallet is valued at around $72,000, not even play money for the scale of BlackRock. Just one of Murad Mahmudov’s wallets contains about 10X the SPX, offering a boost by holding. With the BlackRock transaction, SPX showed it could use any tool to boost its visibility.  The wallet also has a small share of MOG, another one of Mahmudov’s top recommendations, which rallied in the past few days.  Meme tokens use BlackRock as an advertisement wall Most probably, BlackRock did not buy SPX directly. The whole token balance was transferred at once in July 2024. At that time, SPX was still in its early stages, and did not receive any hype, trading at $0.014. SPX has already outperformed, and some recent buyers are wary of becoming exit liquidity for earlier whales and smart traders.  Meme tokens in BlackRock’s wallet follow a similar pattern of a one-off allocation and no signs of trading or divesting. Meme token projects often send their assets to high-visibility addresses. As the price rises, the tokens go up the charts and their ticker gets more views. BlackRock also has no investments in blue-chip altcoins or any of the VC-backed tokens, instead only carrying random meme token deposits. BlackRock does not follow the practice of Vitalik Buterin, who liquidates…

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Filed under: News - @ October 14, 2024 10:23 am