The next Dogecoin and SHIB? A brief discussion on Murad’s SPX and GIGA

Author: Arain, ChainCatcher

Have you ever seen this guy?

He has a big muscular body, a wide and plump chin, a grin and a mysterious smile.

Yes, that's what he is. He may not fit your definition of a "handsome guy", but on the current Internet, his hardware conditions are the definition of a "handsome guy". He is "Gigachad".

We all know that "Meme theologian" Murad became famous because of SPX. Gigachad's eponymous Memecoin GIGA is also one of the Memecoins that Murad recommends. Recently, Murad said 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 Coingekco data, SPX currently has a market value of about $1.4 billion and is a TOP10 Meme coin. In the past week, it has risen by more than 80% among the TOP10 Memes, leading the increase and even surpassing the currently popular ai16z. $GIGA's performance is slightly weaker, with a current market value of about $800 million, just ranking as the 15th largest Meme currency, and it has risen by about 40% in the past week.

1. Murad who prefers cult memes

As one of the top KOLs of Memecoin, Murad's words and deeds are now closely watched by the market, and even a word he says may become a news story.

Murad graduated from Princeton University. Before 2016, he worked in traditional financial institutions such as Goldman Sachs and Glencore. Later, he resigned to concentrate on Bitcoin. In 2017, he established the Adaptive Capital Fund. Unfortunately, it encountered a sharp drop on March 12, 2020, and the fund closed down due to "lack of infrastructure."

But Murad can't be easily defeated. In 2022, he returned to social media with full blood and plunged into the world of Meme coins. He proposed the Memecoin Supercycle theory, thinking that Memecoin is "stealing" from value coins, acquiring attributes and speculative premiums, and is about to start a "Meme Supercycle". In the future, Memecoin will not only be an online joke, but will become a legitimate investment asset with a large number of enthusiastic followers. This view has made investors begin to re-examine Memecoin.

SPX and GIGA are both Memecoins that Murad first bought. In addition, there are PEPE, SIGMA, APU and POPCAT, among which SPX and GIGA are a group of Memecoins that Murad mentioned frequently. SPX and GIGA are benchmarked against DOGE, the largest currency of Memecoin today, and SHIB, the second largest currency, respectively, which shows Murad's expectations for these two Memecoins.

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

It is well known that Murad prefers "cult-attributed" Memecoins with medium to high market capitalizations. Secondly, he mainly adopts the "price and belief index" investment strategy. This strategy believes that investors should look for projects with high beliefs but low prices, that is, Memecoins that are undervalued but meet most of the screening criteria. These projects usually have only one or two indicators that are not up to standard, are easy to improve, and have extremely enthusiastic community support.

SPX and GIGA, one is a financial meme, and the other is a "handsome man" meme (which can be understood as a cultural stalk). They seem to be two types of memes, but they have the following common features: 1. Both are community-driven memecoins; 2. They are supported by centralized exchanges;

2. SPX6900: Fighting against finance and satirizing the S&P 500

Murad's love for SPX made him change his X profile to "SPX believer".

Let's review Murad's record on SPX: When Murad first held SPX, the market value of the currency was only 10 million US dollars. Now it has risen to about 1.4 billion US dollars, and Murad's floating profit exceeds 14 million US dollars.

Now DOGE's market value is about 57 billion US dollars. If SPX wants to jump again-good guy, this ambition is big enough, just like the story told by SPX. However, Murad believes that SPX has a chance to break through 100 billion US dollars.

SPX, whose full name is SPX6900, is benchmarked against the famous S&P 500 index, and wants to challenge this "giant" in the traditional financial world. But there is nothing to challenge this giant, mainly relying on "dreams". Even the official website is operated by fans, and it is noted on the website introduction of the Meme: "SPX6900 token is a Memecoin used for entertainment purposes only and is not associated with any stock, equity or security. Any similarities or associations between SPX6900 and the "stock market" are purely coincidental and are intended to be ironic or humorous." Elon Musk once said, "Mathematically speaking, 6900 cannot be included in 500." This sentence was once confusing, and it was also posted on the SPX6900 website. Perhaps the number 6900 is the temperament of this Meme. The story of this Meme is part of a financial protest. After Occupy Wall Street and Gamestop, it attempts to become the third story of retail investors versus institutions.

Therefore, SPX6900 shouts the slogan: "6400 points higher than the S&P 500. It is a stock market that "serves the people". SPX6900 sows seeds for the forest of tomorrow. SPX6900 nourishes the souls and bodies of millions of people. SPX6900 serves you, your children and countless generations of descendants."

In this sense, SPX6900 is similar to GIGA, a kind of somewhat evil spirit and culture.

In this culture, the ironic scenarios of the use of Meme are as follows:

• 6,900 traders symbolically "attacked" the New York Stock Exchange, advocating that SPX6900 exceed the S&P 500 index.

• The U.S. Federal Reserve was described as considering replacing dollar bills with SPX6900 tokens, capturing the sometimes speculative nature of cryptocurrency discussions.

• A fictional depiction of Fed Chairman Jerome Powell “endorsing” SPX6900 depicted a hypothetical shift in financial policy.

• Fans of SPX6900 jokingly proposed a “National Mary Rose Day” to celebrate the token’s popularity.

• SEC Chairman Gary Gensler humorously expressed “regret” for not investing in SPX6900, while former Treasury Secretary Janet Yellen enjoyed hypothetical gains.

However, having said that, SPX6900 initially had a development team, and SPX was fairly launched in August 2023, but soon the developers withdrew from the project by abandoning contracts, locking liquidity for too long, deleting social media, and other means that caused panic in the community. In the end, the project community took over SPX6900 spontaneously, and in 2024, SPX completed its transformation and became a completely decentralized Memecoin project. All social activities are created and operated by the community, including meme creation, publicity and promotion, etc.; all initiatives are also driven by the community, such as trading strategy formulation, ecological construction, etc.

BitMart Exchange is the first exchange to list SPX6900, followed by Bybit and other exchanges. Other exchanges have also thrown out "olive branches". At present, SPX6900 is expected to be launched on Binance.

3. GIGA: A culture of handsome men dedicated to fitness and health

Chad, this word was first used to describe boys who were strong and simple-minded. Gigachad is an upgraded version of Chad. Simply put, it abandons the side effects of simple-mindedness while retaining the purity of the body. Therefore, Gigachad's goal is perfection, which is a general term for handsome men and should not have any shortcomings.

Gigachad culture originated in 2017, when someone posted relevant pictures online and said that "Bogdanov's genetic research has achieved remarkable results", which obviously means that Gigachad has an exaggerated jaw like Bogdanov. He also added that "perfect Gigachad" is destined to lead us against the lizard people.

In 2020, the "Average Fan vs. Average Enjoyer" meme became popular, and Gigachad became the representative of the "enjoyer" of the meme due to its image advantage, and it was widely spread through meme videos. Its image originated from the art photography project of Lithuanian photographer Krista Sudmalis. The photos of model Ernest Khalimov (that is, "Gigachad" himself) were deeply PSed to show exaggerated muscles and unique beauty, which attracted a large number of netizens and formed a unique online cultural phenomenon.

As Gigachad's popularity continued to increase, the artist and the model collaborated in 2021 to launch the gigachad.army clothing brand and Gigachad NFT, realizing traffic monetization. Subsequently, the GIGA coin based on the "Gigachad" culture came into being, aiming to use the power of meme and the "Chad" energy to attract community members to participate.

GIGA is a community-run project with no centralized ownership, emphasizing the ideals of personal growth and self-discipline, which echoes the strong and confident image displayed in the "Gigachad" culture. Community members participate in decision-making through governance functions and jointly promote the development of the project, so that the direction of the project is consistent with the values ​​and goals of community members.

The GiGA community has made some achievements in fitness and health. The community has launched the Giga Motion and Giga Fitness programs, focusing on the fields of fitness and health, providing fitness challenges and products, aiming to support community members to participate in physical and mental resilience exercises and enhance the cohesion and sense of belonging of the community. Community members have actively responded to these programs and improved their own health levels by participating in fitness challenges and purchasing related products.

GIGA has currently been recognized by Ernest Khalimov himself, Mike O'Hearn and UFC fighter Paulo Costa.

Currently, GIGA can be traded on some centralized exchanges. The most noteworthy thing is that it has been listed on well-known exchanges such as Coinbase (but not on Binance yet).

Murad believes that in the future, GIGA will become the largest Memecoin on Solana, and expects its market value to reach more than $5 billion in 2025.

However, according to Murad's expectation, SPX can rush to the front. No wonder he calls himself a believer in SPX, but it is still a bit difficult for GIGA to replace SHIB. If we talk about expected returns, it may be the next SHIB-GIGA's aesthetics, can you appreciate it?