Murad Mahmudov’s $70M Memecoin Gains Spark Debate as SPX6900 Surges 10,500%

Cryptocurrency investor Murad Mahmudov has generated over $70 million in paper profits from memecoins, turning an initial $2 million investment into a speculative windfall and reigniting debate about the viability of meme-based tokens as an asset class. The bulk of his gains—approximately $66 million—stem from SPX6900, a memecoin that surged over 10,500% in the past year. Mahmudov acquired SPX6900 at just over $0.01, while its current price nears $2.24, according to data from DropsTab [1]. Additional holdings like GIGA and SKIBDI have also delivered strong returns, though losses on tokens such as Apu Apustaja (APU), RETARDIO, and POPCAT totaled over $1.2 million.

Mahmudov’s gains have become a focal point for his controversial “supercycle” theory, which posits that memecoins will outperform traditional cryptocurrencies like Bitcoin and Ethereum by leveraging collective human behavior rather than technical innovation. At the Token2049 conference in Singapore, he described memecoins as “digital subcultures” driven by humor, shared beliefs, and internet culture, likening them to “online cults” [1]. This narrative has gained traction as assets like DOGE, SHIB, and PEPE dominate social media and trading platforms. The memecoin sector’s market capitalization has grown by 54% in less than a month, reaching $85 billion on July 24 from $55 billion on June 30 [1].

However, skepticism surrounds Mahmudov’s strategy. Blockchain investigator ZachXBT has alleged that he may engage in front-running, purchasing tokens quietly before promoting them publicly. In one instance, a wallet reportedly acquired MIN tokens an hour before Mahmudov announced owning 1% of the supply. While Mahmudov has not publicly responded to these claims, critics argue that large holders could destabilize memecoins if panic selling occurs. For example, his significant stake in SPX6900 raises concerns that a mass exit could trigger broader volatility [1].

The debate over memecoins extends beyond Mahmudov. Xion CEO Anthony Anzalone has called them “the most attractive part of crypto” due to shifting investor priorities, while Solana co-founder Anatoly Yakovenko dismissed them as “digital slop,” a comment that sparked backlash from meme token traders [1]. The sector’s rapid growth reflects a broader shift in crypto sentiment, with investors prioritizing cultural resonance over utility-driven projects. Yet skeptics emphasize the risks of speculative assets lacking intrinsic value, particularly in a market prone to hype cycles and regulatory uncertainty.

Mahmudov’s performance underscores the potential for meme-based tokens to capture significant capital but also highlights the volatility and ethical questions surrounding their rise. Whether memecoins can sustain their momentum will depend on factors ranging from investor sentiment to regulatory scrutiny—a dynamic that remains unresolved [1].

Source: [1] [title: Murad Mahmudov’s $70M Memecoin Gains Spark Debate] [url: https://www.cryptotimes.io/2025/07/28/murad-mahmudovs-70m-memecoin-gains-spark-debate/]