According to blockchain data, cryptocurrency investor Murad Mahmudov currently holds unrealized profits of tens of millions of dollars in meme coins, adding a new dimension to his proposed "meme coin supercycle" argument.
On-chain data aggregation platform DropsTab's analysis indicates that Mahmudov holds meme coin assets worth over $70 million, with an initial investment of only $1.86 million. This results in a total unrealized profit of approximately $68.3 million.
Further data reveals that his most successful investment is a meme coin named SPX6900 (SPX), which has surged over 10,500% in the past year. Mahmudov's entry price for SPX was $0.01036, while the token is currently trading at $2.24. Based on this data, he has made over $66 million in profit from his SPX investment alone.
Apu Apustaja (APU) is the worst-performing meme coin in Mahmudov's portfolio. Due to a 53% drop in the coin's value, his investment loss exceeds $86,000.
Considering Mahmudov holds SPX worth tens of millions of dollars, if he decides to sell these tokens, it could significantly impact the market price.
As a public supporter of the token, if Mahmudov chooses to reduce his holdings, it may signal to the market that the "supercycle" has peaked, potentially triggering a massive sell-off.
Mahmudov is the founder of the meme coin supercycle theory. In a speech at the 2024 Token2049 conference in Singapore, he pointed out that the cryptocurrency space is entering a unique period where meme-driven tokens will significantly outperform traditional digital assets like Bitcoin (BTC) and Ethereum (ETH).
Mahmudov believes that the meme coin supercycle represents a new market phase driven by culture, community identity, and viral spread, rather than by technical or fundamental factors.
He stated that the function of meme coins is fundamentally different from traditional financial assets, resembling digital communities or collectives formed by humor and shared beliefs.
This trader's strong promotion of meme coins has drawn criticism from blockchain investigator ZachXBT. In 2024, ZachXBT reportedly exposed Mahmudov's wallet address so the community could monitor his trading behavior.
The crypto detective accused Mahmudov of making bold predictions about meme coins "while controlling the token supply."
ZachXBT specifically pointed out that the questioned wallet purchased MIN coins on July 16, a full hour before posting about acquiring 1% of the supply.
Cointelegraph has reached out to Mahmudov via the X platform, but has not received a response as of the time of publication.
The meme coin market surged to a high of $85 billion on Wednesday, up approximately 54% from a valuation of $55 billion on June 30. As of the time of publication, the market has retraced to $78 billion, but is still up 41% compared to the closing valuation in June.
The recent surge in the meme coin market has elicited mixed reactions from community members. Neiro community leader S stated that meme coins are "the most attractive sector" in the cryptocurrency space.
Meanwhile, Xion CEO Anthony Anzalone remarked that the rise of such assets actually indicates that there are no better investment options available.
Solana co-founder Anatoly Yakovenko recently faced criticism from the Solana meme coin community for his comments on meme-based tokens. On Sunday, Yakovenko described meme coins and NFTs as "digital garbage," sparking widespread controversy.
Related: Ethereum NFTs see nearly $160 million in sales over seven days | Lending institutions launch unsecured crypto loans with World ID
Original article: “Data shows that the opinion leader who proposed the meme coin supercycle concept holds $68 million in profits”
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