SPX6900

CHAD

Memecoin

HONK

Murad Mahmudov, a crypto trader also known as the “<a href="https://x.com/MessiahMurad" rel="noopener noreferrer nofollow">Memecoin messiah</a>,” has lost nearly $60 million across his bets in the past nine months. Still, he expects a bullish reversal.
Key takeaways:
<ul>
 <li>Mahmudov thinks SPX6900, which is 96% of his memecoin portfolio, will rise 400,000%.</li>
 <li>SPX6900 chart technicals signal another 20% decline in the coming weeks.</li>
</ul>
<h2 id="spx6900-will-reach-1-trillion-market-cap-claims-mahmudov">SPX6900 will reach $1 trillion market cap, claims Mahmudov</h2>
On Wednesday, Mahmudov <a href="https://x.com/MustStopMurad/status/2039407322284327335?s=20" rel="noopener noreferrer nofollow">said</a> the market capitalization of SPX6900 (SPX), a memecoin on a mission to overtake the US benchmark S&amp;P 500 index, will grow to $1 trillion from its current valuation of around $250 million, a nearly 400,000% increase.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e14-d380-7617-a841-7805d489b3f3.png" alt="'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling">
 <figcaption>Source: X/@MustStopMurad
 </figcaption>
</figure>
For context, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) is the only cryptocurrency that has been able to hit a $1 trillion mark so far, led by growing institutional demand.
Mahmudov’s publicly labeled wallets, tracked under the entity “<a href="https://intel.arkm.com/explorer/entity/muststopmurad" rel="noopener noreferrer nofollow">Muststopmurad</a>” by Arkham Intelligence, currently hold approximately 29.964 million SPX, valued at roughly $7.79 million.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e1c-c6a1-76fe-ad1c-d71ae7ddbba3.png" alt="'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling">
 <figcaption>Murad Mahmudov’s crypto portfolio. Source: Arkham Intelligence
 </figcaption>
</figure>
This single position accounts for about 96% of his total tracked portfolio, currently valued at around $8.1 million.
At its peak in July last year, the same portfolio was worth around $67 million.
The drop since then amounts to an unrealized loss of roughly $60 million, as the broader memecoin sector, including SPX, corrected by more than 80% from its highs.
<h2 id="mahmudov-still-holds-spx6900-and-other-memecoins">Mahmudov still holds SPX6900 and other memecoins</h2>
Mahmudov does not appear to be locking in the memecoin losses.
Portfolio tracker DropsTab <a href="https://dropstab.com/p/murad-mahmudov-crypto-portfolio-ouxiapvmgk" rel="noopener noreferrer nofollow">shows</a> no meaningful sales of SPX6900 or his other major positions, with realized profits and losses on the tracked holdings still at zero.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e20-d376-7183-9ea8-35bb8891c722.png" alt="'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling">
 <figcaption>Mahmudov’s portfolio dashboard. Source: DropsTab
 </figcaption>
</figure>
Importantly, the trader appears to be holding more than $6.22 million in unrealized gains instead of taking a profit.
Mahmudov’s refusal to sell also stands out because the broader memecoin market has been brutal toward its dedicated holders.
In a January report, CoinGecko <a href="https://www.coingecko.com/research/publications/how-many-cryptocurrencies-failed" rel="noopener noreferrer nofollow">said</a> that 53.2% of all cryptocurrencies tracked since 2021 were inactive, with 11.6 million token failures recorded in 2025 alone that particularly “affected the memecoin sector.”
Related: <a href="https://cointelegraph.com/news/memecoins-art-share-similar-economics-ki-young-ju" rel="noopener noreferrer nofollow">Memecoins and art market share similar economics — Ki Young Ju</a>
Mahmudov’s smaller wallet holdings also reveal the <a href="https://cointelegraph.com/news/memecoin-season-crypto-social-media-sentiment-low-santiment" rel="noopener noreferrer nofollow">limits of memecoin conviction</a>.
Public DEX data for ticker-level matches, including RETARDMAXX, HONK and CHAD, shows that some of these names are barely functional.
One <a href="https://dexscreener.com/solana/2my9h84ifrwngyfcirqudt2kdmwuk87aktt1agiae59c" rel="noopener noreferrer nofollow">RETARDMAXX pair</a> had roughly $44,000 in liquidity but just six transactions and $89 in daily volume, while <a href="https://dexscreener.com/solana/8i93chmhcqtcwmvaaditngwbqmqrkfw6g2ojnyhupump" rel="noopener noreferrer nofollow">CHAD</a> showed $842 in liquidity with zero trades and zero makers.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e45-1f71-7660-8063-7e423938cf95.png" alt="'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling">
 <figcaption>RETARDMAXX/SOL daily chart. Source: DEXScreener.COM
 </figcaption>
</figure>
One <a href="https://dexscreener.com/solana/dx9byzzu2ffiscragypp6ezw48hvyyfemn1oi4ynt8mk" rel="noopener noreferrer nofollow">HONK</a> pair, meanwhile, had just $1 in liquidity and no recorded activity. Those tokens may still print a price on screen, but in a selloff, they offer little evidence of dependable exit liquidity.
<h2 id="spx900-breakdown-hints-at-more-losses-ahead">SPX900 breakdown hints at more losses ahead</h2>
On the three-day chart, SPX6900 appears to be breaking down from a rising wedge, a bearish pattern that typically resolves lower after price slips below support.
SPX has already started losing the wedge’s lower trendline near $0.26 and remains below its 20-, 50- and 100-period exponential moving averages, underscoring weak momentum.
<figure><img src="https://s3.cointelegraph.com/uploads/2026-04/019d4e4e-23ed-7c04-af82-507b8e876c85.png" alt="'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling">
 <figcaption>SPX/USDT.P three-day chart. Source: TradingView
 </figcaption>
</figure>
If the breakdown confirms, the measured move points to $0.205, about 20% below current levels.
A 20% drop in SPX would cut roughly $1.56 million from Mahmudov’s memecoin portfolio.

'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling

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