Influencer who coined ‘memecoin supercycle’ sits on $68M profit, data suggests

22 hours ago

Crypto capitalist Murad Mahmudov is sitting connected tens of millions of dollars successful unrealized profits from memecoins, according to blockchain data, adding substance to the ongoing statement implicit his “memecoin supercycle” thesis.

Data from the onchain information aggregator DropsTab shows that Mahmudov holds implicit $70 cardinal successful memecoins, with conscionable $1.86 cardinal successful superior invested. That puts his full unrealized nett astatine astir $68.3 million.

The information shows his biggest victor is simply a memecoin called SPX6900 (SPX), which surged implicit 10,500% successful the past year. His introduction terms connected SPX was $0.01036, but the token present trades astatine $2.24. Based connected the data, his nett from SPX unsocial exceeds $66 million.

Apu Apustaja (APU) is the worst-performing memecoin successful Mahmudov’s holdings. Since the memecoin declined by 53%, his concern has dropped by implicit $86,000.

With Mahmudov holding tens of millions successful SPX, selling the tokens could interaction the price.

Being a vocal protagonist of the token, Mahmudov offloading it could awesome to investors that the “supercycle” whitethorn person reached its peak, triggering a sell-off.

The memecoin supercycle thesis

Mahmudov is the crypto capitalist down the memecoin supercycle thesis. In his presumption astatine Token2049 Singapore 2024, helium said the crypto abstraction is entering a unsocial epoch wherever meme-driven tokens outperform accepted integer assets similar Bitcoin (BTC) and Ether (ETH) by wide margins.

Mahmudov presented the memecoin supercycle arsenic a caller marketplace signifier driven by culture, assemblage individuality and virality, alternatively than exertion oregon fundamentals.

He said memecoins relation little similar accepted fiscal assets and much similar integer cults oregon communities agreed by wit and belief.

The trader’s promotion of meme-based tokens attracted disapproval from blockchain researcher ZachXBT. In 2024, ZachXBT allegedly revealed Mahmudov’s wallets truthful the assemblage tin show his trading activities.

The crypto sleuth accused Mahmudov of making bold memecoin predictions “while controlling the supply.”

ZachXBT pointed to the alleged wallet’s acquisition of MIN coins connected July 16, which was done an hr earlier a station astir acquiring 1% of the supply.

Cointelegraph reached retired to Mahmudov connected X but did not get an contiguous response.

Memecoin marketplace surges 54% successful July

The memecoin assemblage had surged to a precocious of $85 cardinal connected Wednesday, up astir 54% compared to its valuation of $55 cardinal connected June 30. At the clip of writing, the marketplace had corrected to $78 billion, inactive up by 41% compared to its closing valuation successful June.

The caller memecoin marketplace surge attracted varying sentiments from assemblage members. Neiro assemblage pb S called memecoins crypto’s “most charismatic segment.”

At the aforesaid time, Xion CEO Anthony Anzalone said that the plus class’s surge means that capital has obscurity amended to go.

Solana co-founder Anatoly Yakovenko precocious attracted disapproval from the Solana memecoin assemblage for his remarks connected meme-based tokens. Yakovenko sparked contention connected Sunday aft describing memecoins and NFTs arsenic “digital slop.”