Following a significant price decline, traders are watching whether SPX can attract new buyers and counter the heavy selling pressure seen in onchain data.
SPX sees a major price drop
SPX has experienced a steep correction, with its price falling
↘10%
in the last 24 hours,
↘26%
over the past week, and
↘57%
in the last month.
The token underperformed its category
This downturn was more severe than the broader market's
↘1%
daily decline, and SPX also consistently underperformed the Memecoin category across the same periods.
Large wallets dominate trading activity
Onchain data indicates more selling than buying, with large wallets driving 67% of the $9.5 million in trading volume while smaller retail wallets accounted for just 8%.
New user growth is nearly flat
The network has struggled to attract new participants during this period, with the number of new traders growing by only
↗0.22%
.