Crypto influencer Murad Mahmudov is reportedly sitting on a staggering $68.3 million in unrealized profits from memecoins, according to blockchain data from DropsTab. With just $1.86 million in capital deployed, his returns have ignited renewed scrutiny of his “memecoin supercycle” thesis.

The bulk of Mahmudov’s profits come from SPX6900, a memecoin that has exploded over 10,500% in the past year. His entry price was just over one cent—now the token trades above $2.24. His position in SPX alone is estimated to be worth over $66 million. On the flip side, his worst performer is Apu Apustaja, down 53%, resulting in an $86,000 unrealized loss.

Mahmudov, a vocal advocate of SPX, faces pressure as observers speculate that a sell-off could crash the token. Critics warn that his influence could trigger panic in the market if he starts unloading.

At Token2049 Singapore, Mahmudov introduced the idea of a “memecoin supercycle,” arguing that meme tokens now outperform even giants like Bitcoin and Ethereum—not through utility, but through virality, humor, and community cult-like belief. He claims these tokens thrive on digital identity rather than fundamentals.

But the hype hasn’t gone unchallenged. Blockchain sleuth ZachXBT accused Mahmudov of manipulating supply while publicly promoting coins. One example cited was a purchase of MIN tokens just an hour before Mahmudov claimed he had acquired 1% of its supply.

Despite the drama, the memecoin market surged to $85 billion in July—a 54% jump from June. Though it has since corrected to $78 billion, sentiment remains split. Some call it the future of crypto, while others, like Solana co-founder Anatoly Yakovenko, dismiss it as “digital slop.”