Murad’s Portfolio Value Drops Over 80% as SPX Hits a New Low

Investor Murad Mahmudov, known for supporting meme coins, is experiencing a severe decline in his portfolio value, which has dropped over 80% from its peak of $67 million to approximately $11.5 million, wiping out nearly all recent gains. This drop is primarily attributed to the poor performance of altcoins and meme coins, with most of his holdings falling between 75% and over 90%. The largest component of his portfolio is the meme token SPX6900 (SPX), of which he holds about 3.2% of the circulating supply. Despite SPX falling over 84% from its peak, Murad has refused to sell, remaining optimistic and calling it a "life-changing vehicle." However, increasing SPX balances on exchanges suggest potential future selling pressure, and the outcome of his buy-and-hold strategy is seen as a test for the profitability philosophy of meme coins.

(Source：BeInCrypto)