Meme coin whale’s wallets exposed in new ZachXBT’s report

On-chain researcher ZachXBT, has uncovered 11 wallets associated with crypto influencer Murad Mahmudov, containing approximately $24 million in meme coins.

1/2 I uncovered 11 high confidence wallets tied to @MustStopMurad holding ~$24M in meme coins on Ethereum and Solana so the community can monitor his future activity. pic.twitter.com/OTx6XMguTA

— ZachXBT (@zachxbt) October 9, 2024

The wallets, distributed across Ethereum and Solana, were traced back to a single funding source with connections to the STFX team’s multisig signer, highlighting Murad’s involvement as an investor.

The discovery by ZachXBT brings to light potential concerns regarding the timing of Mahmudov’s transactions and how they coincide with his public endorsements of specific meme coins. For example, it was observed that one wallet purchased 7.5 million MINI tokens just an hour before Murad publicly promoted them, raising questions about market manipulation.

Following this exposure, Murad Mahmudov’s role as a prominent figure in the meme coin sector becomes even more significant, particularly after his influential presentation at Token 2049, where he discussed the meme coin supercycle. 

He has been actively sharing his bullish views on meme coins on social media platform X, where he recently commented, 

“The Meme Stock craze of 2021 was just a test run for the Memecoin Supercycle. Things haven’t even begun yet.” 

This statement underscores his belief that meme coins are more than just a fleeting trend, marking the beginning of what he perceives as a supercycle driven by escalating public interest and hype.

Murad’s advocacy for meme coins extends to a diverse array of tokens, including SPX6900, FWOG, GIGA, AP, POPCAT, and PEPE, despite the risks posed by the recent wallet disclosures. 

After his wallets were publicly disclosed, it was revealed that his largest asset, SPX, comprises 30 million tokens valued at $17 million, predominantly traded on decentralized exchanges where liquidity is low. This scenario positions Murad as a forced holder, unable to liquidate large positions without significantly affecting the market price.

The spotlight on Murad’s wallets has sparked further scrutiny and heightened market activity around SPX. Shortly after ZachXBT’s revelation, another investor was motivated to buy 12.6 million SPX tokens for $2.61 million, a move that proved profitable as the price of SPX climbed to $0.67 from an initial buying price of $0.21.