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

Murad Mahmudov的模因令牌投資組合：彈性案例研究

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.

大多數模因令牌經歷了巨大的價值侵蝕，由於缺乏潛在的基本面，通常會損失其初始價值的99％以上。 但是，有影響力的人Murad Mahmudov的投資組合專注於“邪教”模因令牌，呈現了不同的敘述，僅遭受39％的下降。

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.

Mahmudov的公開錢包已成為該利基類別的基準。儘管這些代幣的縮減高達70％，但他們的強大社區參與促進了集會。 區別馬哈穆多夫股份的關鍵因素是他的錢包非自願的公眾曝光（“強迫doxxing”）。這大大降低了他的銷售能力，將激勵措施與長期持有保持一致，因為以高峰價格出售可能會疏遠他的社區。

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.

他的最高持有SPX6900（SPX）為這一策略舉例說明了這一策略。 儘管進行了積極的交易，但SPX遵循更廣泛的模因資產軌跡。 最初，像SPX這樣的邪教令牌被視為對沖“ Cabal Coins”和地毯拉的對沖，許多人保留了專門的持有人基礎。 SPX持續的用戶增長，包括“鯨魚”投資者（投資超過10,000美元的投資者）的大幅增長，將其與丟失用戶的許多其他模因令牌區分開來。 在3月份的散戶投資者驅動的驅動下，只有Fartcoin在3月份出現了類似的增長。

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.

Mahmudov的錢包持有超過2900萬個SPX代幣，目前價值超過800萬美元（每個令牌為0.29美元）。 該代幣在一月份的一月份達到了1.52美元的頂峰，即他的錢包公開了一個月，阻止了他最大化利潤。 但是，儘管最近經歷下跌，但他從2024年夏天開始的早期投資仍然賺錢。此後，他從超過3600萬的高峰中將他的SPX持有量減少了，只能獲得最少的利潤。 在峰值估值時，僅SPX的未實現利潤就達到了4200萬美元。

The Decline and Persistence of Meme Tokens

模因令牌的衰落和持久性

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.

馬哈穆多夫（Mahmudov）投資組合Gigachad（Giga）的另一個關鍵令牌的下降幅度更高，從高於0.08美元的峰值下降到0.01美元左右。 吉加（Giga）是第一個獲得廣泛採用的泵代幣。

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)"

儘管有這些吸引，但這些令牌並未完全消失，從最初的模因繁榮中保留了一些價值。馬哈穆多夫（Mahmudov）在2025年3月10日發推文中公開表達了對康復潛力的樂觀情緒：“彈跳將是光榮的。

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.

從歷史上看，邪教的代幣表現出波動性，既有大量的下降又回收。 但是，市場情緒的轉變也會對即使是長期持有人產生負面影響。對於SPX和GIGA來說，確定的持有人的早期採用將社區優先於即時利潤，提供了一定程度的韌性。 然而，對於新移民來說，即使是頂級模因令牌也仍然存在風險。

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.

更廣泛的模因硬幣市場繼續下降，總市值低於500億美元，其中包括Dogecoin（Doge）。 模因硬幣特別容易受到傷害，比比特幣（BTC）的下降幅度較高，比特幣（BTC）的價格最近降至77,000美元。 他們的價格與總體加密市場情緒和比特幣的表現密切相關。

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.

儘管天秤座推出後，儘管暫時下降了興趣，但搜索“模因令牌”仍在恢復，這表明資產類可能會持續下去。 新模因令牌的創建仍然活躍，儘管只有少數可能可以實現長期的生存能力。 Mahmudov的投資組合是在這種揮發性景觀中導航的案例研究。