SPX6900, a memecoin designed to emulate the S&P 500, has experienced a significant downturn, losing 10% of its market cap in the past 24 hours. The token's market cap has fallen from a peak of $2 billion to $300 million, marking an 86% decline. This recent drop aligns with a broader memecoin market downturn, which saw a 4.27% decrease. On-chain data from the Solana blockchain indicates that both large and retail holders are selling off SPX6900. Smart Money wallets reduced their holdings by nearly 1%, while the number of high-value wallets with over $1 million in SPX decreased by 38%. Additionally, public figures have largely divested, with a 97% reduction in their holdings. Exchange balances have increased by 14%, suggesting further selling pressure. Despite some accumulation by the top 100 addresses, the overall sell-off has pushed SPX6900 below key support levels, including the 100-day moving average. The Chaikin Money Flow indicator also reflects negative sentiment, indicating continued sell pressure. If the memecoin market remains weak, SPX6900 could fall further to $0.2530, though a recovery could occur if traders perceive the current price as a buying opportunity.