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Murad Mahmudov

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Murad Mahmudov
Murad Mahmudov
Image: X profile avatar of @MustStopMurad
handle@MustStopMurad
roleanalyst, thesis maker, holder
known forthe memecoin supercycle thesis, SPX6900 evangelism, Token2049 2024 speech

Murad Mahmudov is a crypto analyst who authored the memecoin supercycle thesis and became the most prominent evangelist of SPX6900.

Contents
  1. 1 Background
  2. 2 The memecoin supercycle
  3. 3 Murad picks and SPX6900
  4. 4 The 2026 drawdown
  5. 5 References

Murad Mahmudov is a cryptocurrency analyst and investor best known for the memecoin supercycle thesis, which he presented at Token2049 Singapore in September 2024, and for his near religious promotion of SPX6900. More than any single trader, Murad supplied the trenches with an intellectual framework: the claim that meme coins are not jokes but digital cults, and that holding them together is a coordination game that can mint generational wealth.

Background

Mahmudov first became known in the 2018 to 2019 period as a Bitcoin focused analyst and podcast guest, and crypto media later described him as a former Bitcoin maximalist who rebranded himself as the leading meme coin evangelist of the 2024 cycle. By 2024 his X account, MustStopMurad, had become one of the most followed voices in meme coin speculation.

The memecoin supercycle

In his Token2049 Singapore presentation, titled The Memecoin Supercycle, Mahmudov argued that meme coins would lead the coming market phase the way ICOs led 2017 and DeFi led 2020, and that the winners would be driven by culture, community identity, and belief rather than technology. He framed the strongest meme coins as communities united by humor and faith, closer to digital religions than to financial assets, and urged holders never to sell. The speech was widely clipped and became one of the most referenced artifacts of the cycle on crypto twitter.

Murad picks and SPX6900

A basket of tokens he publicly endorsed, including SPX6900, GIGA, MOG, and popcat, became known as Murad picks or Murad memes, and several rallied sharply on his endorsements. His influence grew so large that in October 2024 the on chain investigator ZachXBT published wallets attributed to him; Cointelegraph reported the wallets held about 70 million dollars in meme coins, led by an SPX6900 position showing more than 66 million dollars in unrealized profit from an entry near one cent. He also produced promotional stunts such as a video titled 150 Reasons Why SPX6900 Will Reach 1 Trillion Dollar Market Cap.

The 2026 drawdown

The thesis was tested severely in the 2026 memecoin winter. BeInCrypto and other outlets reported in 2026 that SPX6900 had fallen roughly 88 percent from its all time high near 2.27 dollars, and that Mahmudov continued to hold approximately 30 million SPX, then worth under 8 million dollars, without meaningful exits despite tens of millions in unrealized losses. He remained publicly unmoved, posting in 2026 that SPX6900 would eventually flip the entire stock market and arguing the token was consolidating the way Dogecoin and Pepe had before their major rallies. Supporters cite his refusal to sell as proof of conviction; critics, quoted throughout 2025 and 2026 coverage, describe the supercycle as a belief system that transferred losses to late believers. Both readings agree on his significance: Murad turned holding a meme coin into an ideology, and much of trench culture still argues in his vocabulary.

References

Category: People