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Murad Mahmudov, a well-known investor and supporter of meme coins, is facing a massive decline in his portfolio value in January. At the same time, expectations for an altcoin season and a meme coin season remain highly uncertain.
In addition, SPX6900 ($SPX), the meme token that makes up the largest portion of his holdings, is also under potential selling pressure. This could further threaten the value of his portfolio.
Most Meme Coins in Murad’s Portfolio Have Dropped Between 75% and over 90%
Data from Arkham, an on-chain analytics and tracking platform, shows that Murad’s total portfolio value has fallen by more than 80% from last year’s peak of $67 million.
The portfolio is now worth around $11.5 million. This level is close to last year’s bottom. It means that nearly all profits gained over the past year have been wiped out.
The main reason comes from the lack of recovery in the altcoin market. Most meme coins have also suffered heavy capital outflows.
According to CoinGecko, nearly all the meme coins in Murad’s portfolio have recorded sharp losses of 75% to 90% or more.
$SPX is the largest meme coin in Murad’s portfolio, with a current value of over $11 million. Data shows that he holds around 30 million $SPX tokens, representing roughly 3.2% of the circulating supply.
$SPX surged strongly last year and reached a peak above $2.2. However, Murad did not take profits during that rally. Even now, despite $SPX dropping more than 84% from its peak, he has not sold a single token.
In his latest post, Murad remains optimistic about $SPX’s future. He described the meme token as a “life-changing vehicle that will transform people’s lives.”
SPX6900 is a life-changing vehicle that will transform people’s lives.
— Murad 💹🧲 (@MustStopMurad) January 27, 2026
But not everyone’s.
It will only transform the lives of people who:
1. Put aside their skepticism that has been forced upon them by the existing systems that feed on people’s greed, nihilism and…
Murad’s patient strategy has inspired many meme coin investors. However, recent reports suggest that a simple buy-and-hold approach may no longer be as effective in an increasingly competitive crypto market.
In addition, Nansen data shows that $SPX balances on exchanges have steadily increased throughout January. They have now exceeded 200 million tokens, accounting for more than 21% of the circulating supply. This trend serves as a warning sign of potential selling pressure.
$SPX Exchange Balance. Source: Nansen">
At the time of writing, $SPX is trading around $0.36, its lowest level since March 2025. If $SPX continues to fall further, Murad’s portfolio could experience even deeper losses.
The success or failure of Murad’s strategy is not only significant for him personally, but also a test of the philosophy behind the survival and profitability of meme coins.
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