Murad Mahmudov, a crypto dealer also referred to as the “Memecoin messiah,” has misplaced practically $60 million throughout his bets prior to now 9 months. Nonetheless, he expects a bullish reversal.
Key takeaways:
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Mahmudov thinks SPX6900, which is 96% of his memecoin portfolio, will rise 400,000%.
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SPX6900 chart technicals sign one other 20% decline within the coming weeks.
SPX6900 will attain $1 trillion market cap, claims Mahmudov
On Wednesday, Mahmudov said the market capitalization of SPX6900 (SPX), a memecoin on a mission to overhaul the US benchmark S&P 500 index, will develop to $1 trillion from its present valuation of round $250 million, a virtually 400,000% improve.
For context, Bitcoin (BTC) is the one cryptocurrency that has been capable of hit a $1 trillion mark to this point, led by rising institutional demand.
Mahmudov’s publicly labeled wallets, tracked underneath the entity “Muststopmurad” by Arkham Intelligence, at present maintain roughly 29.964 million SPX, valued at roughly $7.79 million.
This single place accounts for about 96% of his whole tracked portfolio, at present valued at round $8.1 million.
At its peak in July final 12 months, the identical portfolio was price round $67 million.
The drop since then quantities to an unrealized lack of roughly $60 million, because the broader memecoin sector, together with SPX, corrected by greater than 80% from its highs.
Mahmudov nonetheless holds SPX6900 and different memecoins
Mahmudov doesn’t seem like locking within the memecoin losses.
Portfolio tracker DropsTab shows no significant gross sales of SPX6900 or his different main positions, with realized income and losses on the tracked holdings nonetheless at zero.
Importantly, the dealer seems to be holding greater than $6.22 million in unrealized positive factors as a substitute of taking a revenue.
Mahmudov’s refusal to promote additionally stands out as a result of the broader memecoin market has been brutal towards its devoted holders.
In a January report, CoinGecko said that 53.2% of all cryptocurrencies tracked since 2021 have been inactive, with 11.6 million token failures recorded in 2025 alone that notably “affected the memecoin sector.”
Associated: Memecoins and art market share similar economics — Ki Young Ju
Mahmudov’s smaller pockets holdings additionally reveal the limits of memecoin conviction.
Public DEX information for ticker-level matches, together with RETARDMAXX, HONK and CHAD, reveals that a few of these names are barely practical.
One RETARDMAXX pair had roughly $44,000 in liquidity however simply six transactions and $89 in day by day quantity, whereas CHAD confirmed $842 in liquidity with zero trades and nil makers.
One HONK pair, in the meantime, had simply $1 in liquidity and no recorded exercise. These tokens should print a worth on display, however in a selloff, they provide little proof of reliable exit liquidity.
SPX900 breakdown hints at extra losses forward
On the three-day chart, SPX6900 seems to be breaking down from a rising wedge, a bearish sample that usually resolves decrease after worth slips beneath help.
SPX has already began shedding the wedge’s decrease trendline close to $0.26 and stays beneath its 20-, 50- and 100-period exponential transferring averages, underscoring weak momentum.
If the breakdown confirms, the measured transfer factors to $0.205, about 20% beneath present ranges.
A 20% drop in SPX would reduce roughly $1.56 million from Mahmudov’s memecoin portfolio.
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