How Murad Mahmudov Raked in $70M from Memecoins—And Why It’s Fueling Crypto Controversy

Memecoins strike gold again—this time lining Murad Mahmudov’s pockets with a jaw-dropping $70M windfall. The crypto elite are cheering; regulators are grinding their teeth.

### The Memecoin Money Machine

Forget blue chips—Mahmudov’s playbook proves degenerate gambling still prints. Dog-themed tokens and meme magic delivered returns that’d make Warren Buffett blush. Meanwhile, traditional finance dinosaurs mutter about ‘speculative bubbles’ between sips of $50 coffee.

### The Backlash Brews

Purists decry the circus, but liquidity flows where the memes go. DeFi degens counter: ‘Show us your bags, boomers.’ The only certainty? This won’t be the last nine-figure meme miracle—or the last regulatory headache.

Crypto’s wild west era isn’t over; it’s just wearing a doge mask and laughing all the way to the blockchain bank.

Mahmudov’s Supercycle Thesis

At Token2049 in Singapore last year, Mahmudov argued that memecoins are evolving into powerful digital subcultures.

“These tokens are like online cults—driven by humor, shared belief, and internet culture,” he said, “not financial models.”

His thesis suggests memecoins could outperform Bitcoin and ethereum by riding collective human behavior rather than technical value. This view has gained traction as meme assets like DOGE, SHIB, and PEPE dominate social media and trading platforms.

However, not everyone in the crypto space agrees with him. Blockchain investigator ZachXBT has claimed Mahmudov might have been buying up large amounts of tokens quietly before promoting them. In one case, ZachXBT pointed to a wallet that bought MIN tokens one hour before Mahmudov publicly said he had acquired 1% of its supply.

Blockchain Sleuth Pushes Back

Not everyone agrees. On-chain investigator ZachXBT recently alleged that Mahmudov may be buying tokens quietly before promoting them. In one case, ZachXBT identified a wallet that acquired MIN tokens shortly before Mahmudov publicly claimed to own 1% of the supply.

ZachXBT shared wallet addresses allegedly linked to Mahmudov, enabling the public to trace his memecoin trades. As of now, Mahmudov has not responded to the accusations.

Memecoin Momentum

With Mahmudov holding such a large share of SPX6900, some fear a mass selloff could crash its price, challenging the “supercycle” narrative if one trader’s exit triggers broader panic.

Meanwhile, the memecoin sector continues to heat up. The total market capitalization hit $85 billion on July 24, up from $55 billion on June 30, a 54% increase in less than a month.

Some industry leaders are embracing the meme wave. Xion CEO Anthony Anzalone said the trend reflects shifting investor priorities:

“Memecoins are now the most attractive part of crypto because people see fewer compelling alternatives.”

Others, like solana co-founder Anatoly Yakovenko, are skeptical. He recently called memecoins and NFTs “digital slop”—a comment that angered Solana-based memecoin traders. As Mahmudov’s portfolio surges and scrutiny grows, the future of memecoins—and the theory behind their rise—hangs in the balance.

Also Read: Solana Co-Founder Calls Memecoins and NFTs “Digital Slop”