Murad Mahmudov, the trader nicknamed the ‘Memecoin messiah,’ has seen nearly $60 million wiped from his tracked positions over the last nine months but remains steadfastly bullish on SPX6900 (SPX).
Summary
– Mahmudov projects SPX6900 could grow from a market cap near $250 million to $1 trillion — roughly a 400,000% increase. For context, Bitcoin is the only crypto to reach a $1 trillion market cap so far.
– Technicals on SPX6900 suggest a potential further drop of about 20% in the near term.
Holdings and losses
Arkham Intelligence follows Mahmudov’s public wallets under the label Muststopmurad. Those wallets currently hold about 29.964 million SPX, valued at roughly $7.79 million — about 96% of the tracked portfolio, which totals around $8.1 million. At its July peak, the same tracked portfolio reached about $67 million, implying an unrealized decline on the order of $60 million as the memecoin market corrected more than 80% from highs.
No major sell-offs
Data from portfolio tracker DropsTab show no meaningful sales of SPX6900 or other principal positions tied to Mahmudov; realized profit and loss on the tracked holdings remains at zero. Instead of taking profits, he still shows roughly $6.22 million in unrealized gains across smaller positions, underlining a high-conviction, largely buy-and-hold stance despite severe market contraction.
Liquidity concerns in smaller tokens
Several of Mahmudov’s other tokens live in markets with extremely limited liquidity and activity. Decentralized exchange data for tickers such as RETARDMAXX, HONK and CHAD reveal tiny pools and negligible daily volume: one RETARDMAXX pair had about $44,000 in liquidity but only six transactions and $89 in daily volume; CHAD showed $842 in liquidity and zero trades; a HONK pair listed just $1 in liquidity with no recorded activity. Such thin markets can display quoted prices but offer little practical exit liquidity in selloffs.
Technical outlook for SPX6900
On the three-day chart, SPX6900 appears to be breaking down from a rising wedge — a pattern that often resolves lower once support is breached. SPX has fallen below the wedge’s lower trendline near $0.26 and is trading under its 20-, 50- and 100-period exponential moving averages, signaling weak momentum. If that breakdown holds, a measured target sits near $0.205, about 20% below current levels. A decline of that magnitude would reduce roughly $1.56 million from Mahmudov’s SPX position.
Takeaway
Mahmudov’s current stance combines an outsized conviction in SPX6900’s long-term upside with exposure concentrated in one token and holdings largely parked in low-liquidity assets. That has produced dramatic unrealized losses during the memecoin downturn, while technical indicators imply downside risk remains.
Disclaimer
This rewritten piece is informational only and not investment advice. All trading and investment decisions carry risk; readers should perform independent research before acting. No guarantee is made as to the accuracy or completeness of the information presented, and no liability is accepted for any losses arising from its use.