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While Solana (SOL) has returned to nearly 2025 highs, SPX6900 ($SPX)—a popular meme coin on the Solana network endorsed by well-known investor Murad—has dropped 35% from its peak last month.
This sharp decline has severely impacted Murad’s portfolio, where $SPX makes up the overwhelming majority. The key question is whether Murad missed the best chance of the year to lock in profits, and if $SPX has any momentum left for a recovery.
Murad Holds All $SPX Despite a 35% Portfolio Drop.
BeInCrypto data shows that $SPX fell from a late-August high of $2.15 to $1.36 in September.
The 35% drop contrasts with the broader altcoin rally, which has lasted for weeks. During the same period, the altcoin market cap (TOTAL3) hit a new high in September, exceeding $1.15 trillion.
$SPX) Price Performance. Source: BeInCrypto.">
As a result, the overall value of Murad’s portfolio also fell sharply since $SPX makes up more than 97% of his holdings.
Arkham data reveals that his portfolio dropped from an all-time high of $67 million to $42.8 million. Murad still holds nearly 30 million $SPX and has not sold a single token this year, even when $SPX traded above $2.
Did Murad pass up the best chance to profit from $SPX? His decision not to sell underscores his belief that $SPX will climb much higher than $2.
Although his portfolio lost over 35% in September, it was not as severe as earlier this year, when it plunged more than 78%—from $56 million to $12 million. Even then, he chose to hold and has continued to do so.
“In 2018, people called me a schizo when I called BTC to $1,000,000. Now it’s commonplace consensus. I am now calling SPX6900 to $1,000+,” Murad said.
If $SPX ever reaches $1,000 as he predicts, his portfolio would be worth more than $30 billion, placing him among the world’s top 100 richest people.
$SPX Sees Strong Accumulation Despite Price Correction
Santiment data shows that the $SPX supply on exchanges (red line) has hit a new one-year low, while the number of holders (yellow line) has reached an all-time high above 2 million.
Since June, nearly 60 million $SPX tokens have left exchanges. This trend signals strong accumulation, as more investors prefer holding rather than selling.
$SPX Supply on Exchange. Source: Santiment.">
Many investors use the dollar-cost average (DCA) daily, reflecting their confidence in $SPX’s future.
Some believe $SPX could become this cycle’s Shiba Inu ($SHIB). For context, $SHIB’s market cap is $7.7 billion, while $SPX’s is $1.2 billion.
As a meme token created for entertainment and satire, $SPX’s biggest strength lies in Murad’s strong influence. With more than 700,000 followers, his X account remains a powerful driver of the token’s popularity.
The post $SPX Drops 35% — Did Murad Miss the Year’s Best Profit-Taking Opportunity? appeared first on BeInCrypto.