beincrypto.com
Crypto influencer Murad Mahmudov claims SPX6900 ($SPX) is stabilizing at the same market cap level where Dogecoin ($DOGE) and Pepe ($PEPE) consolidated before their explosive rallies.
The Princeton-educated trader, often called the “Meme coin Messiah,” posted his analysis on X (Twitter) on April 5, arguing $SPX will surpass both tokens.
The Stabilization Thesis
Murad pointed to what he sees as a repeating historical pattern among top meme coins.
- $DOGE traded sideways at a relatively low valuation before surging to roughly $87 billion at its May 2021 peak.
- $PEPE followed a similar trajectory, consolidating before climbing to approximately $12 billion.
SPX6900 now sits at around $244 million in market cap, a range Murad frames as the same type of accumulation zone.
“It’s fascinating to me that SPX6900 is stabilizing and flattening at the same market cap that $DOGE and $PEPE have stabilized before they proceeded to go to $87 Billion and $12 Billion respectively. Not a coincidence. Except this time SPX6900 will go much, much higher,” he stated.
Conviction Through Heavy Losses
The call comes despite significant personal drawdowns. Murad holds approximately 29.96 million $SPX tokens, worth roughly $7.8 million, which represents 96% of his publicly tracked portfolio.
That portfolio peaked near $67 million in July 2025 before the broader meme coin sector corrected by over 80%.
He has not sold. On-chain data from Arkham Intelligence shows no meaningful exits from his $SPX position despite nearly $60 million in unrealized losses.
$SPX itself trades at approximately $0.26, down 88% from its all-time high of $2.27. Technical indicators remain bearish, with price sitting below key moving averages.
Whether Murad’s historical parallel holds will depend on whether fresh speculative capital rotates back into high-risk meme tokens in the months ahead.