Murad Mahmudov’s doxxed wallet shows 39% loss from cult memes

Meme tokens in most cases erase over 99% of their value, and have no fundamentals to keep them going. The portfolio of influencer Murad Mahmudov, however, holds cult tokens and is only down 39%. 

Murad Mahmudov’s known wallets serve as a benchmark for cult meme tokens, a special selection with a focus on holding. Those tokens have also seen drawdowns of up to 70%, but rallied based on their community engagement. 

The big difference for the wallets of Mahmudov is that the forced doxxing meant he was highly unlikely to sell. Mahmudov was preaching to hold the tokens for the long term, but the public scrutiny of the wallets meant he could not take profits at the peak, without angering the communities. 

Mahmudov’s top pick was the irrational SPX6900 (SPX), a cult token meant to be held for the long term. Despite this, SPX was also actively traded, and followed the trajectory of other meme assets. Cult tokens were seen as a protection against cabal coins and deliberate rug pulls, and some still retain a large holder base. 

The main advantage of SPX is the constant user growth, though some buyers may take in minimal amounts. Most other cult and mass adoption tokens have been shedding users as backers give up on the previous hot trends. SPX grows all cohorts of holders, with a significant expansion of whales investing over $10,000. The only token with growth in March was FARTCOIN, where retail investors made purchases between $100 and $1,000.

The influencer’s wallet contains more than 29M SPX, valued at over $8M for a price per token of $0.29. The asset peaked at $1.52 in January, about a month after Mahmudov’s wallets were doxed, so he did not take profits. 

However, Mahmudov has been stacking SPX since the summer of 2024, with a price of around $0.01 or lower. Even with the current downturn, Mahmudov is still up on his early investment. So far, he has taken minimal profits, lowering his exposure to SPX from peak holdings of over 36M tokens. At peak valuation, Mahmudov had up to $42M in unrealized profits for just one token. 

Most meme tokens lose their communities

The other main cult token, Gigachad (GIGA), has erased more of its value, after peaking above $0.08. The token is now at $0.01, threatening to fall below a penny. GIGA was the first Pump.fun token to achieve wide adoption and listings. Mahmudov was instrumental in giving the meme token cult status, but this did not protect it from the usual market fluctuations. 

Despite the drawdown, those tokens have not disappeared and gone down to zero, still retaining some of their gains from the meme token season. Mahmudov has so far tweeted in defense of the potential for meme tokens to bounce back and recover their losses. 

The bounces will be glorious.

— Murad 💹🧲 (@MustStopMurad) March 10, 2025

Historically, cult tokens have fluctuated between drawdowns and recovering their peak prices. However, a shift in market sentiment can discourage even long-term holders. For SPX and GIGA, the silver lining is that some of the early buyers have picked those assets early, and are not in a rush to sell, staying for the community. However, for newcomers, even top memes remain risky. 

Meme coins as a whole continue to decline, for a total market capitalization under $50B, including Dogecoin (DOGE). Memes are at the biggest risk, since almost all small-scale altcoins and tokens are declining more rapidly than Bitcoin (BTC). Meme prices are correlated with enthusiasm for BTC and crypto in general, and have taken a downturn as BTC dipped to the $77,000 range. 

Despite the loss of trust in memes after the launch of LIBRA, searches for meme token and meme tokens are starting to recover, signaling the asset class may be here to stay. Tokenizing hot memes is extremely resilient, still adding new and hot tokens. However, there are only a handful with the potential for long-term survival, and Mahmudov is trying to select them for his portfolio and serve as an example.

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