Murad Mahmudov, a crypto trader known as the “Memecoin messiah,” has lost nearly $60 million across his positions over the past nine months but remains convinced of a bullish reversal in the memecoin he favors most.
Key takeaways:
– Mahmudov expects SPX6900 (SPX), which makes up about 96% of his tracked memecoin holdings, to appreciate roughly 400,000%.
– Technicals on SPX6900 point to a potential further decline of around 20% in coming weeks.
SPX6900 $1 trillion claim
Mahmudov stated he believes SPX6900’s market capitalization will grow from roughly $250 million to $1 trillion — a near 400,000% increase. For perspective, Bitcoin is the only cryptocurrency so far to reach a $1 trillion market cap.
Arkham Intelligence tracks Mahmudov’s public wallets under the entity “Muststopmurad,” which currently hold about 29.964 million SPX, valued at roughly $7.79 million. That single position represents approximately 96% of his tracked portfolio, which is roughly $8.1 million in total.
At its peak in July last year, the same tracked portfolio was worth about $67 million, meaning the decline amounts to an unrealized loss of roughly $60 million as the broader memecoin sector corrected more than 80% from highs.
No meaningful sales, heavy conviction
Portfolio tracker DropsTab shows no meaningful sales of SPX6900 or Mahmudov’s other major positions; realized profits and losses on the tracked holdings remain at zero. Instead of locking in gains, Mahmudov appears to be holding roughly $6.22 million in unrealized gains across other positions.
His refusal to sell stands out amid a brutal memecoin market. A January CoinGecko report noted 53.2% of tracked cryptocurrencies since 2021 were inactive, with 11.6 million token failures recorded in 2025 — a trend that hit many memecoins especially hard.
Limited liquidity in smaller holdings
Mahmudov’s smaller wallets include tokens with scant liquidity and activity. DEX data for tickers like RETARDMAXX, HONK and CHAD show markets that are barely functional: one RETARDMAXX pair had about $44,000 in liquidity but only six transactions and $89 in daily volume; CHAD displayed $842 in liquidity with zero trades; a HONK pair showed just $1 in liquidity and no recorded activity. Such tokens can display on-screen prices but provide little reliable exit liquidity during selloffs.
Technical outlook: more downside possible
On the three-day chart, SPX6900 appears to be breaking down from a rising wedge — a bearish pattern that often resolves lower after price breaches support. SPX has breached the wedge’s lower trendline near $0.26 and trades below its 20-, 50- and 100-period exponential moving averages, indicating weak momentum.
If the breakdown confirms, the measured move targets about $0.205, roughly 20% below current levels. A 20% drop would slice about $1.56 million from Mahmudov’s memecoin position.
This article is produced in accordance with Cointelegraph’s Editorial Policy and is intended for informational purposes only. It does not constitute investment advice or recommendations. All investments and trades carry risk; readers are encouraged to conduct independent research before making any decisions. Cointelegraph makes no guarantees regarding the accuracy or completeness of the information presented, including forward-looking statements, and will not be liable for any loss or damage arising from reliance on this content.