Key Takeaways
- The data reveals that Mahmudov invested approximately $1.86 million across various meme-based tokens, generating around $68.3 million in unrealized profits.
- His most profitable holding is SPX6900 (SPX), a memecoin that has surged over 10,500% in the past year.
Crypto investor Murad Mahmudov currently holds over $70 million in memecoins, according to blockchain data aggregated by DropsTab. The data reveals that Mahmudov invested approximately $1.86 million across various meme-based tokens, generating around $68.3 million in unrealized profits.
His most profitable holding is SPX6900 (SPX), a memecoin that has surged over 10,500% in the past year. Mahmudov reportedly purchased SPX at an average entry price of $0.01036, while the token is now trading at $2.24. His gains from SPX alone exceed $66 million, making it the standout performer in his portfolio.
The worst-performing asset in his wallet is Apu Apustaja (APU). The token has declined by approximately 53%, resulting in a reported loss of more than $86,000.
Mahmudov is known for popularizing the concept of a “memecoin supercycle,” which he introduced during his presentation at Token2049 Singapore 2024. He argued that meme-driven tokens are entering a phase of outsized market performance, outpacing traditional cryptocurrencies like Bitcoin and Ether. According to his thesis, memecoins are propelled by internet culture, community participation, and viral appeal rather than technological innovation or underlying utility.
Mahmudov’s significant holdings and vocal support for certain tokens have raised concerns within the crypto community. Blockchain researcher ZachXBT accused the investor of engaging in coordinated activity by purchasing large amounts of certain tokens shortly before promoting them publicly.
One example cited was a transaction on July 16, where Mahmudov allegedly acquired 1% of the supply of a token called MIN less than an hour before publicly endorsing it. Mahmudov has not publicly responded to these allegations.
As of late July 2024, the memecoin market has shown promising growth. Data indicates that the sector peaked at a total market capitalization of $85 billion, up from $55 billion on June 30, marking a 54% increase. The market later corrected to $78 billion, but remains 41% higher than its end-of-June valuation.
