The memecoin $SPX has experienced a significant surge, reaching a market cap of $690 million and increasing by approximately 6,669% over the past 30 days. Analysts are noting that key metrics suggest an altcoin season could be imminent. The $SPX to $SPY market cap ratio is rising quarter over quarter, and the number of $SPX holders is nearing a 4-to-1 ratio compared to institutional holders of $SPY. Despite the current exuberance and mania, some chart indicators are showing extreme overextension. This surge is partly attributed to the influence of @MustStopMurad and its community.