Crypto investor Murad Mahmudov is sitting on tens of millions of dollars in unrealized profits from memecoins, according to blockchain data, adding fuel to the ongoing debate over his “memecoin supercycle” thesis.
Data from the onchain data aggregator DropsTab shows that Mahmudov holds over $70 million in memecoins, with just $1.86 million in capital invested. That puts his total unrealized profit at approximately $68.3 million.
The data shows his biggest winner is a memecoin called SPX6900 (SPX), which surged over 10,500% in the past year. His entry price on SPX was $0.01036, but the token now trades at $2.24. Based on the data, his profit from SPX alone exceeds $66 million.
Apu Apustaja (APU) is the worst-performing memecoin in Mahmudov’s holdings. Since the memecoin declined by 53%, his investment has dropped by over $86,000.
With Mahmudov holding tens of millions in SPX, selling the tokens could impact the price.
Being a vocal supporter of the token, Mahmudov offloading it could signal to investors that the “supercycle” may have reached its peak, triggering a sell-off.
The memecoin supercycle thesis
Mahmudov is the crypto investor behind the memecoin supercycle thesis. In his presentation at Token2049 Singapore 2024, he said the crypto space is entering a unique era where meme-driven tokens outperform traditional digital assets like Bitcoin (BTC) and Ether (ETH) by wide margins.
Mahmudov presented the memecoin supercycle as a new market phase driven by culture, community identity and virality, rather than technology or fundamentals.
He said memecoins function less like conventional financial assets and more like digital cults or communities united by humor and belief.
The trader’s promotion of meme-based tokens attracted criticism from blockchain investigator ZachXBT. In 2024, ZachXBT allegedly revealed Mahmudov’s wallets so the community can monitor his trading activities.
The crypto sleuth accused Mahmudov of making bold memecoin predictions “while controlling the supply.”
ZachXBT pointed to the alleged wallet’s purchase of MIN coins on July 16, which was done an hour before a post about acquiring 1% of the supply.
Cointelegraph reached out to Mahmudov on X but did not get an immediate response.
Related: Memecoin market cap grows 29% in July
Memecoin market surges 54% in July
The memecoin sector had surged to a high of $85 billion on Wednesday, up about 54% compared to its valuation of $55 billion on June 30. At the time of writing, the market had corrected to $78 billion, still up by 41% compared to its closing valuation in June.
The recent memecoin market surge attracted varying sentiments from community members. Neiro community lead S called memecoins crypto’s “most attractive segment.”
At the same time, Xion CEO Anthony Anzalone said that the asset class’s surge means that capital has nowhere better to go.
Solana co-founder Anatoly Yakovenko recently attracted criticism from the Solana memecoin community for his remarks on meme-based tokens. Yakovenko sparked controversy on Sunday after describing memecoins and NFTs as “digital slop.”
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