Cryptocurrency trader Murad Makhmudov, also known as the “savior of meme coins,” has lost nearly $60 million in bets over the past nine months. Still, he expects a bullish reversal.
Important points:
Mahmudov believes SPX6900, which makes up 96% of the memecoin portfolio, will rise by 400,000%.
Technicals on the SPX6900 chart suggest a further 20% decline in the coming weeks.
Makhmudov claims that the market capitalization of SPX6900 will reach $1 trillion
On Wednesday, Mahmudov said the market capitalization of SPX6900 (SPX), a meme coin on a mission to outperform the US benchmark S&P 500 index, would increase from its current valuation of about $250 million to $1 trillion, an increase of nearly 400,000%.
Incidentally, Bitcoin (BTC) is the only cryptocurrency that has ever been able to reach the $1 trillion mark, driven by growing demand from institutional investors.
Makhmudov’s publicly labeled wallet, tracked by Arkham Intelligence under the entity “Must Stop Murad,” currently holds approximately 29,964,000 SPX (valued at approximately $7.79 million).
This single position represents approximately 96% of his total tracking portfolio, which is currently valued at approximately $8.1 million.
At its peak last July, the portfolio was worth about $67 million.
The decline since then equates to approximately $60 million in unrealized losses, as the broader memecoin sector, including SPX, has corrected more than 80% from its highs.
Mahmudov still owns SPX6900 and other meme coins
It appears that Mr. Mahmudov has not finalized Memecoin’s losses.
Portfolio tracking tool DropsTab shows no meaningful selling of SPX6900 or any other major positions, and realized gains and losses on tracked holdings are still zero.
Importantly, rather than making a profit, this trader appears to be sitting on over $6.22 million in unrealized gains.
Mr. Mahmudov’s refusal to sell also stands out as the broader memecoin market has been brutal toward eager holders.
CoinGecko said in a January report that 53.2% of all cryptocurrencies tracked since 2021 were inactive, with 11.6 million token failures recorded in 2025 alone, which particularly “impacted the meme coin sector.”
Related: Meme coins and art markets are economically similar — Ki Young Ju
Mahmudov’s small wallet holdings also reveal the limits of memecoin convictions.
Public DEX data on ticker level matches such as RETARDMAXX, HONK, and CHAD shows that some of these names are barely performing.
One RETARDMAXX pair had approximately $44,000 in liquidity, but had only 6 transactions and daily volume of $89. Meanwhile, CHAD had zero trades and zero makers, with liquidity at $842.
On the other hand, the liquidity of one HONK pair was only $1 and there were no records of trades. These tokens may still display a price on screen, but provide little evidence of reliable exit liquidity during a downturn.
SPX900 breakdown suggests more losses to come
On the 3-day chart, the SPX6900 appears to be breaking out of an ascending wedge, a bearish pattern where prices typically fall after falling below support.
SPX has already started to lose the lower wedge trendline around $0.26 and remains below the 20-period, 50-period, and 100-period exponential moving averages, highlighting weak momentum.
If confirmed, the reading would point to $0.205, about 20% below current levels.
A 20% drop in SPX would remove approximately $1.56 million from Mahmudov’s memecoin portfolio.
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