As this week began on October 21, SPX6900 (SPX) emerged as a key player in the crypto market as its prices surged. Of the 18.4% of SPX’s circulating supply, 10 crypto holders collected the most.
10 SPX holders gathered 1.715 million tokens which is worth a whopping $144 million as of Monday. This is spread across 32 crypto wallets and most of the crypto holders haven't realized their profits yet.
This rise in possession of the token is in line with the increasing interest on the SPX6900 digital asset, which catapulted in an impressive 1823% gain in value in just a month. This has made SPX tokens a useful and attractive crypto investment tool.
Most SPX holders have a massive profit potential which is causing this surge in its prices. Apparently, investors haven’t realized $140.9 million in gains and cashed in their profits. As soon as these 10 addresses having 18.4% of the circulating supply of SPX6900 realize their profits, the token’s price will decline. This shows how large holdings mean selling pressure in the crypto market. Crypto observers are speculating about the sale of these SPX tokens from the holders.
The rapid shift in the price of SPX6900 could result in more volatility in the crypto market, especially if SPX holders start selling the tokens. Hence, investors are treading cautiously.
At present, (at 10:55 pm UTC on October 23), SPX is trading at $0.7095, registering a 2.88% spike in prices in the last 24 hours. Meanwhile, the token’s market has gone up by 2.80% to reach $662.05 million while its trading volume increased by 6.80% to stand at $23.94 million.