Murad Mahmudov’s $60 M loss on SPX6900 and his bullish gamble

Murad Mahmudov, known on X as the “Memecoin messiah,” has seen his tracked crypto portfolio shrink by roughly $60 million over the past nine months, with the bulk of the loss tied to the SPX6900 token [1].

Mahmudov’s publicly labeled wallets, identified by Arkham Intelligence as “Muststopmurad,” now hold about 29.96 million SPX6900 worth $7.79 million, representing 96 % of his total tracked holdings, which are valued at $8.1 million after a peak of $67 million in July 2023 [1]. The SPX6900 token, marketed as a memecoin aiming to outpace the S&P 500, currently trades around $0.26 and has fallen more than 80 % from its highs, prompting a technical breakdown that could shave another 20 % off its price, potentially erasing $1.56 million from Mahmudov’s portfolio [1].

Despite the steep decline, Mahmudov has not sold any of his SPX6900 or other memecoins, with portfolio tracker DropsTab showing zero realized profit or loss on the positions [1]. He publicly claims the token will reach a $1 trillion market cap—a 400,000 % increase from its present $250 million valuation—and expects a bullish reversal, even as the chart’s rising‑wedge pattern signals further downside [1]. Smaller tokens in his holdings, such as RETARDMAXX, HONK and CHAD, exhibit negligible liquidity and trading activity, underscoring the fragility of exit options in the broader memecoin sector [1].

Mahmudov’s refusal to liquidate his losses highlights a broader risk: CoinGecko reports that over half of tracked cryptocurrencies have been inactive since 2021, with more than 11 million token failures projected for 2025, a trend that has hit memecoin investors hard [1]. As SPX6900’s price momentum weakens, the open question is whether Mahmudov’s confidence in a trillion‑dollar market cap can survive another price plunge, or if his steadfast holding will force a forced sale at a deeper loss.