Can SPX and GIGA be worth investing in?

Written by: Arain, ChainCatcher

Edited by: Nianqing, ChainCatcher

Have you seen this person?

With a muscular build, a wide and plump chin, and a toothy grin showcasing a mysterious smile.

Yes, this is the kind of thing that might not fit your definition of a "handsome man," but in today's online world, his physical attributes define what a "handsome man" is; he is "Gigachad."

We all know the "Meme Theologian" Murad became famous for SPX, and the Gigachad-themed Memecoin GIGA is also one of Murad's favored Memecoins. Recently, Murad stated on his social media that "#SPX6900 and GIGA will become the DOGE and SHIB of this cycle."

In the past week, SPX and GIGA have performed well. According to Coingecko data, SPX currently has a market cap of about $1.4 billion, making it a TOP10 Meme coin, with an increase of over 80% in the past week, leading the gains and even surpassing the currently popular ai16z. $GIGA's performance is slightly weaker, with a market cap of about $800 million, ranking as the 15th largest Meme coin, having risen about 40% in the past week.

1. Murad's Preference for Cult-like Memes

As one of the top KOLs in the Memecoin space, Murad's words and actions are closely watched by the market, and even a single statement can become news.

Murad graduated from Princeton University and worked at traditional financial institutions like Goldman Sachs and Glencore before 2016. He later quit to focus on Bitcoin and founded Adaptive Capital in 2017, but unfortunately, the fund closed in 2020 due to the 3/12 crash, citing "insufficient infrastructure."

But Murad was not easily defeated; in 2022, he made a comeback on social media, diving into the world of Memecoins. He proposed the Memecoin Supercycle theory, believing that Memecoins are "borrowing" attributes and speculative premiums from value coins, and are about to enter a "Meme Supercycle," where Memecoins will not just be internet jokes but will become legitimate investment assets with a large number of passionate followers. This perspective has led investors to reassess Memecoins.

SPX and GIGA are the first Memecoins Murad has invested in, alongside others like PEPE, SIGMA, APU, and POPCAT. Among these, SPX and GIGA are the two Memecoins Murad frequently mentions—he compares SPX and GIGA to the current largest Memecoin DOGE and the second-largest SHIB, indicating his expectations for these two Memecoins.

So why are these two Memecoins so attractive that they caught Murad's eye?

It is well-known that Murad favors "cult-like" Memecoins with medium to high market caps. He primarily adopts the "Price and Belief Index" investment strategy, which suggests that investors should look for projects with high belief but low prices—those that are undervalued yet meet most screening criteria. These projects typically have only one or two indicators that fall short, making them easy to improve, and they enjoy extremely passionate community support.

SPX and GIGA, one being a financial-themed Meme and the other a "handsome man" Meme (which can be understood as a cultural meme), appear to be two different types of Memes, but they share common characteristics: 1. Both are community-driven Memecoins; 2. They are supported by centralized exchanges.

2. SPX6900: Fighting Finance, Satirizing the S&P 500

Murad's fondness for SPX has led him to change his X profile to "a believer in SPX."

Let's review Murad's performance with SPX: When Murad first held SPX, its market cap was only $10 million, and it has now risen to about $1.4 billion, giving Murad a paper profit of over $14 million.

Currently, DOGE has a market cap of about $57 billion. If SPX were to rise further—wow, that's quite an ambition, just like the story SPX tells. However, Murad believes SPX has the potential to break through $100 billion.

SPX, short for SPX6900, is aimed at challenging the well-known S&P 500 index, attempting to take on this "giant" in traditional finance. But challenging this giant is based on "dreams," as even the official website is fan-operated, stating on the Meme's site: "The SPX6900 token is a Memecoin intended for entertainment purposes only and is not associated with any stocks, equity, or securities. Any similarities or associations between SPX6900 and the 'stock market' are purely coincidental and intended for satire or humor."

Elon Musk once stated, "Mathematically, 6900 cannot be contained by 500."

This statement once puzzled people and is also displayed on the SPX6900 website; perhaps the number 6900 embodies the essence of this Meme. The story of this Meme is part of a financial protest, following Occupy Wall Street and Gamestop, attempting to become the third story of retail investors taking on institutions.

Thus, SPX6900 shouts: "6400 points above the S&P 500 index. It is the stock market 'for the people.' SPX6900 sows the seeds for tomorrow's forest. SPX6900 nourishes the souls and bodies of millions. SPX6900 serves you, your children, and countless generations to come."

In this sense, SPX6900 is similar to GIGA, embodying a somewhat mischievous spirit and culture.

In this culture, the use of Memes satirizes the following scenarios:

• 6900 traders symbolically "storm" the New York Stock Exchange, claiming SPX6900 exceeds the S&P 500 index.
• The U.S. Federal Reserve is depicted as considering replacing U.S. dollar bills with SPX6900 tokens, capturing the speculative nature of cryptocurrency discussions at times.
• A fictional description of Federal Reserve Chairman Jerome Powell "supporting" SPX6900 illustrates a hypothetical shift in financial policy.
• Fans of SPX6900 jokingly propose establishing a "National Mary Rose Day" to celebrate the token's popularity.
• Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, humorously expresses "regret" for not investing in SPX6900, while former Treasury Secretary Janet Yellen enjoys hypothetical gains.

However, it should be noted that SPX6900 initially had a development team. In August 2023, SPX was fairly launched, but soon the developers exited the project in a way that caused community panic, such as abandoning the contract, locking liquidity for an extended period, and deleting social media. Ultimately, the community spontaneously took over SPX6900, transforming it into a fully decentralized Memecoin project by 2024, with all social activities created and operated by the community, including meme creation, promotion, etc.; all initiatives are also driven by the community, such as trading strategy formulation and ecological construction.

BitMart was the first exchange to list SPX6900, followed by others like Bybit extending "olive branches," and currently, there are expectations for SPX6900 to be listed on Binance.

3. GIGA: Committed to Fitness and Health in Handsome Man Culture

The term Chad originally described strong, simple-minded boys. Gigachad is an upgraded version of Chad, simply put, it retains physical purity while discarding the downsides of simple-mindedness. Therefore, Gigachad's goal is perfection; it is a summary term for handsome men, devoid of any flaws.

Gigachad culture originated in 2017 when someone posted related images online, claiming "Bogdanov's genetic research has made significant progress," clearly referring to Gigachad having an exaggerated jawline like Bogdanov, adding that the "perfect Gigachad" is destined to lead us against the lizard people.

In 2020, the "Average Fan vs. Average Enjoyer" meme began to gain popularity, with Gigachad becoming the representative of the "enjoyer" due to his image advantage, widely spreading through meme videos. His image originates from the artistic photography project of Lithuanian photographer Krista Sudmalis, with model Ernest Khalimov (the "Gigachad" himself) having his photos heavily edited to showcase exaggerated muscles and unique aesthetics, attracting a large number of internet users and forming a unique online cultural phenomenon.

As Gigachad's popularity grew, the artist and model collaborated in 2021 to launch the gigachad.army clothing brand and Gigachad NFTs, monetizing the traffic. Subsequently, the GIGA coin was born based on "Gigachad" culture, aiming to harness the power of memes and "Chad" energy to attract community members' participation.

GIGA is a community-operated project with no centralized ownership, emphasizing ideals of personal growth and self-discipline, resonating with the strong, confident image portrayed in "Gigachad" culture. Community members participate in decision-making through governance functions, collectively driving project development to align the project's direction with the values and goals of community members.

The GIGA community has made some achievements in fitness and health. The community launched Giga Motion and Giga Fitness programs, focusing on fitness and health, providing fitness challenges and merchandise aimed at supporting community members in physical and mental resilience practices, enhancing community cohesion and sense of belonging. Community members actively respond to these programs, improving their health levels through participation in fitness challenges and purchasing related products.

GIGA currently has recognition from figures such as Ernest Khalimov himself, Mike O'Hearn, and UFC fighter Paulo Costa.

Currently, GIGA can be traded on some centralized exchanges, most notably it has been listed on well-known exchanges like Coinbase (but not yet on Binance).

Murad believes that in the future, GIGA will become the largest Memecoin on Solana, predicting its market cap will exceed $5 billion by 2025.

However, according to Murad's expectations, SPX can take the lead, which is why he calls himself a believer in SPX. But for GIGA to replace SHIB, it might be a bit challenging. If we talk about expected returns, perhaps it could be the next SHIB—can you appreciate GIGA's aesthetics?

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