According to blockchain data, crypto investor Murad Mahmudov is sitting on tens of millions of dollars in unrealized profits from Memecoins, adding fuel to the ongoing debate surrounding his “Memecoin Supercycle” paper.
Data from Onchain Data Aggregator Dropstab shows that Mahmudov has more than $70 million in membership and only $1.86 million in capital has been invested. This brings his total unrealized profit to around $68.3 million.
Data shows that his biggest winner is Memecoin, known as the SPX6900 (SPX), which has skyrocketed over 10,500% over the past year. His entry price for SPX was $0.01036, but the token is currently trading at $2.24. Based on the data, his profits from SPX alone are over $66 million.
Apu Apustaja (APU) is the worst bean coin for holding Mahmudov. Since Memecoin fell 53%, his investment has dropped over $86,000.
As Mahmudov holds tens of millions of people on SPX, selling tokens can affect prices.
Token’s vocal supporter, Mahmudov Offloading, could indicate to investors that the “super cycle” peaked and caused a sale.
Memecoin Supercycle Paper
Mahmudov is the crypto investor behind the Memecoin Supercycle paper. In a presentation at Token2049Singapore 2024, he said that the crypto space is entering a unique era where meme-driven tokens are widespread over traditional digital assets such as Bitcoin (BTC) and Ether (ETH).
Mahmudov presented Memecoin Supercycle as a new market stage driven by culture, community identity and virality, rather than technology or fundamentals.
He said Memecoin does not function like traditional financial assets, but like a digital cult or community united by humor and belief.
The promotion of traders’ meme-based tokens has attracted criticism from blockchain investigator ZachxBT. In 2024, Zachxbt is said to have revealed Mahmudov’s wallet so that the community can monitor his trading activities.
Crypto Sleuth accused Mahmudov of making bold Memecoin predictions “while controlling the supply.”
Zachxbt pointed out that the wallet allegedly bought MIN coins on July 16th.
Cointelegraph contacted Mahmudov with X but did not get an immediate response.
Related: MemeCoin’s market capitalization will increase by 29% in July
Memecoin market will skyrocket 54% in July
The Memecoin sector surged to $85 billion on Wednesday, up about 54% compared to its $55 billion valuation on June 30th. At the time of writing, the market had risen 41% compared to the June closure rating.
The recent surge in the Memecoin market has attracted a variety of emotions from community members. Neiro Community’s lead S is called the “most attractive segment” of Memecoins Crypto.
At the same time, Xion CEO Anthony Anzalone said the surge in asset classes means that capital cannot go anywhere.
Solana co-founder Anatoly Yakovenko recently attracted criticism from the Solana Memecoin community for his comments on Meme-based tokens. Yakovenko sparked controversy on Sunday after describing MemeCoin and NFT as “digital slops.”
https://www.youtube.com/watch?v=gpwmrogcvlc
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