Crypto trader Murad Mahmudov is back in the spotlight after onchain data revealed he’s sitting on over $70 million in memecoins – despite investing less than $2 million.
The revelation has reignited debate around his memecoin “supercycle” thesis, which claims these tokens are redefining crypto market dynamics.
His biggest win comes from SPX6900, a memecoin that has exploded over 10,000% since his entry at just one cent. Now trading above $2.20, SPX accounts for more than $66 million of his profits. Meanwhile, not every pick has delivered—APU has dropped 53%, costing him around $86,000.
Such massive unrealized gains raise questions about market impact if he were to sell. Given his role in promoting SPX, any exit could trigger panic among retail holders, especially those buying into his thesis of memecoins as the next market phase.
Mahmudov has framed memecoins as digital cults—driven not by fundamentals, but by culture, humor, and community identity. His stance, presented at Token2049 Singapore, argues these tokens are more about belonging than utility.
But not everyone buys it. Blockchain investigator ZachXBT has accused Mahmudov of manipulating markets by promoting coins he secretly accumulates—highlighting wallet activity timed suspiciously close to public endorsements.
The memecoin sector itself has exploded, hitting an $85 billion market cap in July before pulling back slightly. While some call this the most dynamic corner of crypto, others say it’s a sign of speculative excess in a market lacking stronger narratives.
Whether Mahmudov is a visionary or opportunist, his bets—and the backlash—are shaping how memecoins are viewed in this volatile, community-fueled corner of the industry.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/heres-how-this-investor-turned-1-8m-into-70m-with-memecoins/