SPX6900 [SPX] was built to emulate the S&P 500 index and maybe flip it, according to its developer. However, that seems to be a far-fetched idea. SPX6900 rose to a $2 billion market cap but has since dropped to $300 million, an 86% decline. In the past 24 hours, SPX6900 lost about 10% of its cap, aligning with the broader memecoin market, which lost 4.27%. Its daily trading volume also increased by more than 15%, confirming the sell pressure. But where was this selling coming from?