Crypto investor Murad Mahmudov holds over $70 million in memecoins with just $1.86 million invested, unrealized profits totaling approximately $68.3 million. His biggest winner, SPX6900, surged over 10,500% in a year, with profit exceeding $66 million. Apu Apustaja is his worst-performing memecoin, dropping by 53%.

Mahmudov’s potential sale of SPX tokens could signal the “supercycle” peak, impacting prices. He introduced the memecoin supercycle thesis, where meme-driven tokens outperform traditional assets. Mahmudov believes memecoins function like digital cults driven by culture and community identity, attracting criticism from blockchain investigator ZachXBT.

Memecoin market cap surged to $85 billion in July, up 54% from June. Community members have mixed sentiments, with Neiro calling memecoins crypto’s most attractive segment and Xion CEO Anzalone noting the surge due to limited investment options. Solana co-founder Yakovenko faced backlash for calling memecoins and NFTs “digital slop”.

Read more at Cointelegraph: Murad Mahmudov’s Wallet Holds $70M in Memecoins, Led by $66M SPX Gain