Murad Mahmudov's Meme Token Portfolio: A Case Study in Resilience

Most meme tokens experience dramatic value erosion, often losing over 99% of their initial value due to a lack of underlying fundamentals. However, influencer Murad Mahmudov's portfolio, focused on "cult" meme tokens, presents a different narrative, experiencing only a 39% decline.

Mahmudov's publicly known wallets have become a benchmark for this niche category. While these tokens have seen drawdowns as high as 70%, their strong community engagement has fueled rallies. A key factor differentiating Mahmudov's holdings is the involuntary public exposure of his wallets ("forced doxxing"). This significantly reduced his ability to sell, aligning his incentives with long-term holding, as selling at peak prices would likely alienate his community.

His top holding, SPX6900 (SPX), exemplifies this strategy. Despite active trading, SPX followed the broader meme asset trajectory. Cult tokens like SPX were initially perceived as a hedge against "cabal coins" and rug pulls, and many retain a dedicated holder base. SPX's continued user growth, including a significant increase in "whale" investors (those investing over $10,000), distinguishes it from many other meme tokens which are losing users. Only FARTCOIN showed similar growth in March, driven by retail investors making purchases between $100 and $1,000.

Mahmudov's wallet holds over 29 million SPX tokens, currently valued at over $8 million (at $0.29 per token). The token peaked at $1.52 in January, a month after his wallets were made public, preventing him from maximizing profits. However, his early investment, beginning in the summer of 2024 at around $0.01 or less, remains profitable despite the recent downturn. He has since reduced his SPX holdings from a peak of over 36 million, taking only minimal profits. At the peak valuation, his unrealized profits from SPX alone reached $42 million.

The Decline and Persistence of Meme Tokens

Another key token in Mahmudov's portfolio, Gigachad (GIGA), has experienced a more significant decline, falling from a peak above $0.08 to around $0.01. GIGA, the first Pump.fun token to achieve widespread adoption, benefited from Mahmudov's promotion but still succumbed to market volatility.

Despite these drawdowns, these tokens haven't completely vanished, retaining some value from the initial meme token boom. Mahmudov has publicly expressed optimism about their potential for recovery, tweeting on March 10, 2025: "The bounces will be glorious. — Murad 💹🧲 (@MustStopMurad)"

Historically, cult tokens have demonstrated volatility, experiencing both significant drawdowns and recoveries. However, shifts in market sentiment can negatively impact even long-term holders. For SPX and GIGA, the early adoption by committed holders who prioritize community over immediate profits offers a degree of resilience. Nevertheless, even top meme tokens remain inherently risky for newcomers.

The broader meme coin market continues to decline, with a total market capitalization below $50 billion, including Dogecoin (DOGE). Meme coins are particularly vulnerable, experiencing steeper declines than Bitcoin (BTC), whose price recently dipped to the $77,000 range. Their price is closely correlated with overall crypto market sentiment and Bitcoin's performance.

Despite a temporary dip in interest following the LIBRA launch, searches for "meme token" are recovering, suggesting the asset class might endure. The creation of new meme tokens remains active, though only a select few are likely to achieve long-term viability. Mahmudov's portfolio serves as a case study in navigating this volatile landscape.