“Murad coin” TOKEN6900 (T6900) hit DEXs at 2 pm UTC today, and has since wasted no time racing to a $5.7 million market cap.
Token claiming is now live from the website or within the Best Wallet app. Within minutes of launch, the price moved 15% above the list price of $0.00715.
Profit-taking by early presale buyers has kicked in, temporarily sending the price lower, settling at a floor around $0.00505. However, at the time of writing, T6900 is bouncing back with a steady stream of buy orders, sending the price higher.
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Liquidity Locked For 11 Months Adds Stability to T6900
Liquidity valued at a healthy $310,000 in the T6900/WETH pair is locked for 11 months, guaranteeing traders performant transaction conditions and a strong signal that the team is committed to the project.
Trading volume has passed $250K, with the number of token holders above 2,000 according to DexTools data.
T6900 styles itself as the new global benchmark of brain-rot finance, in a fashion akin to the satirical whimsy that launched SPX6900 to a one billion dollar valuation.
As more traders enter the market at the current highly attractive price point, against a backdrop of all major altcoins trading higher over the past 24 hours, a price breakout is imminent. However, market participants will be watching out for resistance around the launch price, where the last of the early money looking to exit could bail.
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SPX6900 moving higher, T6900 positive correlation cheers bulls
Still, as long as token holders are able to look past the near-term volatility and as new money enters, a price-supportive setup is forming.
Significantly, SPX6900 is trending higher, up 9% at $1.17. Experts believe that the price movements of T6900 are likely to correlate positively with those of SPX6900 due to the similarities between the two meme coins.
T6900 raised more than $3.6 million at presale as traders warmed to the vibe liquidity narrative and the viral X posts the team is churning out, in addition to its close affinity with SPX6900.
A clearer view of the short-term price action may also emerge in the run-up to Friday’s publication of the non-farm payrolls data.
Financial markets, which still have some influence over the direction of crypto and meme coins, are waiting with bated breath for a sign that the labor market might be weakening. Any such signal is likely to see the Fed double down on rate-cutting plans, which would boost crypto assets, including T6900.
Staking at 105% APY Set To Boost T6900 Demand
On the other hand, market dynamics for T6900 could reasonably be attributed to other factors, such as the percentage of the coin that is staked. Traders have staked 44 million T6900 tokens, set to vest over 30 days – another factor supporting price.
Also, the rewards yield of 105% will be attractive to prospective buyers, as will the prospect of bagging the sort of 100x returns and more that SPX6900 achieved.
Moreover, it should also be noted that SPX6900 did not start making its stellar gains until a year after its launch. However, given the way that SPX6900 has blazed a trail for imitators like T6900, the mindshare for T6900 is much more visible at this early stage than it was for SPX6900.
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