Crypto investor Murad Mahmudov is sitting on tens of tens of millions of {dollars} in unrealized earnings from memecoins, in keeping with blockchain information, including gas to the continued debate over his “memecoin supercycle” thesis.
Information from the onchain information aggregator DropsTab reveals that Mahmudov holds over $70 million in memecoins, with simply $1.86 million in capital invested. That places his complete unrealized revenue at roughly $68.3 million.
The information reveals his largest winner is a memecoin known as SPX6900 (SPX), which surged over 10,500% prior to now 12 months. His entry worth on SPX was $0.01036, however the token now trades at $2.24. Primarily based on the information, his revenue from SPX alone exceeds $66 million.
Apu Apustaja (APU) is the worst-performing memecoin in Mahmudov’s holdings. For the reason that memecoin declined by 53%, his funding has dropped by over $86,000.
With Mahmudov holding tens of tens of millions in SPX, promoting the tokens might impression the value.
Being a vocal supporter of the token, Mahmudov offloading it might sign to traders that the “supercycle” could 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 mentioned the crypto area is getting into a novel period the place meme-driven tokens outperform conventional digital property like Bitcoin (BTC) and Ether (ETH) by vast margins.
Mahmudov offered the memecoin supercycle as a brand new market part pushed by tradition, group identification and virality, slightly than know-how or fundamentals.
He mentioned memecoins operate much less like standard monetary property and extra like digital cults or communities united by humor and perception.
The dealer’s promotion of meme-based tokens attracted criticism from blockchain investigator ZachXBT. In 2024, ZachXBT allegedly revealed Mahmudov’s wallets so the group can monitor his buying and selling actions.
The crypto sleuth accused Mahmudov of creating daring memecoin predictions “whereas controlling the availability.”
ZachXBT pointed to the alleged pockets’s buy of MIN cash on July 16, which was achieved an hour earlier than a publish about buying 1% of the availability.
Cointelegraph reached out to Mahmudov on X however didn’t get a right away response.
Associated: Memecoin market cap grows 29% in July
Memecoin market surges 54% in July
The memecoin sector had surged to a excessive of $85 billion on Wednesday, up about 54% in comparison with its valuation of $55 billion on June 30. On the time of writing, the market had corrected to $78 billion, nonetheless up by 41% in comparison with its closing valuation in June.
The latest memecoin market surge attracted various sentiments from group members. Neiro group lead S known as memecoins crypto’s “most engaging phase.”
On the identical time, Xion CEO Anthony Anzalone mentioned that the asset class’s surge signifies that capital has nowhere higher to go.
Solana co-founder Anatoly Yakovenko lately attracted criticism from the Solana memecoin group for his remarks on meme-based tokens. Yakovenko sparked controversy on Sunday after describing memecoins and NFTs as “digital slop.”
Journal: Memecoin degeneracy is funding groundbreaking anti-aging analysis
