Murad Mahmudov, an influencer behind the 'memecoin supercycle' thesis, reportedly holds over $70 million in memecoins, with an unrealized profit of about $68 million. His most profitable asset is SPX6900, which surged more than 10,500% in the past year, resulting in a profit of $66 million from an initial investment of $1.86 million. Conversely, another memecoin, Apu Apustaja, has performed poorly, leading to a drop of over $86,000 in Mahmudov's investment. Mahmudov's large holdings in SPX could impact its price if sold, as it might signal the end of the memecoin supercycle. He argues that memecoins are entering a new market phase where community identity and virality drive performance over traditional metrics like technology or fundamentals. However, he has faced criticism for the potential conflict of interest between his promotion of memecoins and his trading activities. The overall memecoin market experienced a surge in July, rising to $85 billion, up 54% from previous valuations, although it later corrected to $78 billion. The market's rally has drawn mixed reactions from community members and industry leaders, some praising it while others criticize it as mere speculation.

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