How An Investor Turned 1.8 Million Dollars Into 68 Million Through Memecoins

The idea of the death of memecoins? A mirage, nothing more. While some saw these quirky cryptos as a flash in the pan, current figures disprove this prediction. Murad Mahmudov, a former analyst turned master in the art of sensing viral trends, is living proof. His bet: to stake on the improbable, turning mockery into gold. But behind the success story, voices rise, denouncing practices worthy of the oldest recipes from the financial Wild West.

A stroke of genius or a well-oiled poker move?

Murad Mahmudov didn’t get lucky by chance. His wallets now show more than 68 million dollars in memecoins, from an initial investment of only 1.86 million. The SPX6900 token exploded by +10,500%, turning a bet of $0.01036 into $2.24. Just with this one, his gains are close to 66 million dollars.

The public data on DropsTab confirm it: Mahmudov holds major influence, but it does not go unnoticed. Blockchain detective ZachXBT revealed 11 wallets belonging to him.

The criticisms? They are flying. The purchase of 1% of the MIN token supply, just before talking about it publicly, sparked a debate on market manipulation. Mahmudov did not respond, but doubt lingers. His strong support for SPX alone could tip the market.

Memecoins: the distorting mirror of the crypto-cultural economy

At Token2049, Mahmudov defended his thesis of the memecoin supercycle. He presents memecoins not as classic assets, but as cultural phenomena. According to him, their power relies less on technology and more on community, virality, and shared humor. This positioning breaks with the usual financial logic and explains why these cryptos continue to attract despite their instability.

The market agrees with him, for now. In July 2024, the capitalization of memecoins jumped 54%, rising from 55 billion to 85 billion. Even after correction, it remains at 78 billion, which is a 41% annual increase.

But not everyone shares this enthusiasm. Anatoly Yakovenko, co-founder of Solana, caused an uproar by calling them “digital slop”. On the other hand, Anthony Anzalone, CEO of Xion, explains that:

Capital simply has no better destination than memecoins.

Influence, controversy and records: memecoins under all the spotlights

Besides amassing millions, Mahmudov embodies the tensions over transparency in the crypto industry. ZachXBT struck again: “Murad makes very bold predictions about low-cap memecoins in front of thousands and thousands of followers while controlling the supply. People deserve to be able to make more informed decisions about the coins they buy.“

This ego war reveals a sector where influence is worth gold. Tokens like APU or MIN, despite their volatility, become tools of pure speculation. And the market follows, like a domino game, at the slightest announcement.

The tableau of the “supercycle“: 4 essential facts:

• SPX6900 offered a growth of +10,500% in one year;
• APU dropped 53%, costing Mahmudov $86,000;
• The memecoin market reached $85 billion before falling back to $78 billion;
• Murad Mahmudov reportedly acquired 1% of MIN 1 hour before promoting it.

A few months ago, these cryptos seemed like relics. Today, the tide is turning. LetsBonk has just surpassed Pump.fun, with more than 19,600 tokens launched in a single day, twice as many as its rival. In daily revenues, LetsBonk shows 1.04 million dollars, against 533,000 dollars for Pump.fun. A new memecoin war is underway, and Solana is the hot battleground.