Murad Mahmudov's SPX Stake Surges 10,500% Yielding $68.3M Gain

A crypto investor known for popularizing the concept of a "memecoin supercycle," Murad Mahmudov, holds over $70 million in meme-driven tokens, according to blockchain data from DropsTab [1]. His portfolio, which required just $1.86 million in initial capital, now reflects approximately $68.3 million in unrealized profits. The bulk of this gain—exceeding $66 million—stems from his position in SPX6900 (SPX), a token that has surged 10,500% over the past year. Mahmudov’s entry price of $0.01036 has ballooned to a current trading price of $2.24 per token. In contrast, his losses from the underperforming Apu Apustaja (APU) token, which declined by 53%, amount to over $86,000.

Mahmudov’s advocacy for memecoins as a dominant force in the crypto market has sparked debate. His "memecoin supercycle" thesis, presented at Token2049 Singapore 2024, argues that meme-driven tokens outperform traditional assets like Bitcoin and Ether due to cultural virality and community identity rather than technical fundamentals. This perspective has drawn criticism, notably from blockchain investigator ZachXBT, who alleged that Mahmudov’s public predictions coincided with private supply manipulations. For instance, ZachXBT highlighted a transaction where Mahmudov acquired 1% of MIN coin’s supply just an hour before promoting the token. Mahmudov has not responded to inquiries about these claims [1].

The memecoin sector’s broader trajectory underscores its volatility. In July 2024, the market reached a peak valuation of $85 billion, a 54% increase from June 30’s $55 billion [1]. However, the market has since corrected to $78 billion, still a 41% rise year-to-date. This surge has divided opinions within the crypto community. Neiro’s lead community representative described memecoins as "the most attractive segment" of the market, while Solana co-founder Anatoly Yakovenko dismissed them as "digital slop," drawing backlash from meme token proponents. Anthony Anzalone of Xion observed that capital has "nowhere better to go" than memecoins, reflecting broader market sentiment.

Mahmudov’s influence and the sector’s growth highlight the tension between speculative enthusiasm and scrutiny. Critics argue that his massive gains—potentially amplified by his public endorsements—risk distorting market dynamics. If Mahmudov were to sell his SPX holdings, it could trigger a sell-off, given his vocal support for the token. Yet, the data underscores the structural appeal of memecoins, which are increasingly viewed as cultural phenomena rather than traditional financial assets. As the sector evolves, debates over its legitimacy and long-term viability will likely persist, with stakeholders balancing the allure of rapid returns against concerns about sustainability and manipulation.

Source: [1] [Influencer who coined ‘memecoin supercycle’ sits on $68M profit, data suggests](https://cointelegraph.com/news/murad-mahmudov-memecoin-supercycle-spx-holdings-controversy)