Crypto investor Murad Mahmudov is sitting on tens of tens of millions of {dollars} in unrealized income from memecoins, in accordance with blockchain knowledge, including gas to the continuing debate over his “memecoin supercycle” thesis.
Knowledge from the onchain knowledge 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 greatest winner is a memecoin referred to as SPX6900 (SPX), which surged over 10,500% previously yr. His entry worth on SPX was $0.01036, however the token now trades at $2.24. Based mostly on the info, his revenue from SPX alone exceeds $66 million.
Apu Apustaja (APU) is the worst-performing memecoin in Mahmudov’s holdings. Because the 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 may influence the value.
Being a vocal supporter of the token, Mahmudov offloading it may sign to buyers that the “supercycle” might 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 stated the crypto area is coming into a singular period the place meme-driven tokens outperform conventional digital property like Bitcoin (BTC) and Ether (ETH) by vast margins.
Mahmudov introduced the memecoin supercycle as a brand new market part pushed by tradition, neighborhood id and virality, quite than expertise or fundamentals.
He stated 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 neighborhood can monitor his buying and selling actions.
The crypto sleuth accused Mahmudov of constructing daring memecoin predictions “whereas controlling the availability.”
ZachXBT pointed to the alleged pockets’s buy of MIN cash on July 16, which was finished an hour earlier than a put up about buying 1% of the availability.
Cointelegraph reached out to Mahmudov on X however didn’t get an instantaneous 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 neighborhood members. Neiro neighborhood lead S referred to as memecoins crypto’s “most tasty phase.”
On the identical time, Xion CEO Anthony Anzalone stated that the asset class’s surge signifies that capital has nowhere higher to go.
Solana co-founder Anatoly Yakovenko not too long ago attracted criticism from the Solana memecoin neighborhood 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
