Memecoin-Linked NFTs Rally on “Cult” Thesis

Memecoin-affiliated NFT collections are surging, particularly Project AEON from the SPX6900 memecoin community, and Sproto Gremlins by the HarryPotterObamaSonic10Inu (HPOS) community.

Project AEON is up 300% over the last week, surging to a floor price of 0.73 ETH, led by the rally of its token $SPX, which is up 2,500% over the past 30 days to a $200 million market capitalization. Sproto Gremlins, the 3,330 NFT collection, is up 70% over the last 24 hours to a 1.2 ETH floor price, and its token, ticker $BITCOIN, is up 100% to a $150 million market capitalization in 30 days.

Both memecoins launched in 2023 and developed intense support from their holders. Former fund manager and memecoin evangelist Murad Mahmudov is leading the rebirth of attention towards SPX, HPOS, and their NFTs.

Mahmudov mentions “cults” as one of the primary value drivers for memecoins and credits memecoins as the primary money-making opportunity for retail participants, claiming that “all the altcoin price appreciation has been relegated to private rounds.”

At Token 2049 Murad spoke about his favorite cult coins and said, “I feel like they have the potential to evolve from a cult to the next stage, which is a movement. And I think those things, if they really go viral, they can go to ridiculous valuations.”

Both communities also are known for their simple and distinct marketing approaches. SPX6900 asks its holders to “stop trading and believe in something” with the goal of eventually flipping the “real SPX”, the S&P500. The HPOS community has pioneered a niche, and potentially schizophrenic, online culture that its holders resonate with, or simply find humorous.