‘Memecoin Messi’ Lost $60M Trading Mostly SPX6900: Still Not Selling
Murad Mahmudov, a crypto trader also known as the “Memecoin Messiah”, has lost nearly $60 million in his bets over the past nine months. Still, a change in bullying awaits.
Main Receptors:
Mahmudov thinks that SPX6900, which is 96% of his memecoin portfolio, will increase by 400,000%.
The SPX6900 chart technically shows another 20% decline in the coming weeks.
SPX6900 will reach a market value of 1 trillion dollars, says Mahmudov
On Wednesday, Mahmudov predicted that the capitalization of SPX6900 (SPX), the memecoin on a mission to surpass the US benchmark S&P 500 index, will grow from its current value of about $250 million to $1 trillion, an increase of about 400,000%.
For context, Bitcoin (BTC) is the only cryptocurrency to hit the $1 trillion mark so far, driven by growing institutional interest.
Mahmudov's publicly posted wallet, under the legal tracking name “Muststopmurad” by Arkham Intelligence, currently holds approximately 29.964 million SPX, worth approximately $7.79 million.
This single position makes up about 96% of the total monitored portfolio, now worth around $8.1 million.
At its peak in July last year, the same portfolio was worth about $67 million.
The fall since then is nearly $60 million in unproven losses, as the broader memecoin sector, including SPX, has recovered more than 80% from its peak.
Mahmudov still holds SPX6900 and other memecoins
Mahmudov does not seem to be locked in the loss of memecoin.
Portfolio tracker DropsTab doesn't show any meaningful SPX6900 sales or other major positions, the gains and losses on the holdings are still zero.
Importantly, instead of taking profits, the trader holds more than $6.22 million in unrealized profits.
Mahmumov's reluctance to sell stands out as the broader memecoin market is brutal for dedicated owners.
In a January report, CoinGecko said that 53.2% of all cryptocurrencies monitored as of 2021 were inactive, with 11.6 million token failures recorded in 2025 alone, specifically “impacting the memecoin sector.”
Related: Memecoins and the art market share the same economics – Ki Young Joo
Mahmumov's small wallet holdings also show the extent of memecoin's guilt.
Official DEX data for ticker-level matches, including RETARDMAXX, HONK, and CHAD, shows that some of these names rarely work.
A RETARDMAXX pair has nearly $44,000 in liquidity but only six trades and $89 in daily volume, while CHAD shows $842 in liquidity with zero trades and zero makers.
A HONK pair, on the other hand, was only $1 in liquidity and had no recorded activity. Those signals can still print price on the screen, but when sold, they provide little evidence of reliable exit liquidity.
The split of the SPX900 indicates more losses in the future
On the three-day chart, the SPX6900 appears to be breaking out of the rising wedge, with a bearish pattern slowing the price down after slipping below support.
The SPX has already started to lose its lower wedge line to $0.26 and remains below the 20-, 50-, and 100-time exponential moving averages, indicating weak momentum.
If the gap confirms, the measured move would point to $0.205, about 20% from current levels.
A 20% drop in SPX would cut about $1.56 million from Mahmudov's memecoin portfolio.
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