Was Murad Wrong? Meme Coin Portfolio Plummets

• Murad’s crypto portfolio plunges to $10 million in two weeks.
• SPX token plummets 35.93%, dragging Murad’s holdings down.
• Meme coin king faces major losses amidst market volatility.

Murad Mahmudov, a controversial meme coin influencer and trader, is facing a significant dip in his crypto portfolio. Over the past two weeks, his total assets have sharply declined to $10.07 million, marking a fall of 39.5%. This substantial loss highlights the inherent volatility of the cryptocurrency market, even for pro traders.

Analysing the onchain data, a major chunk of Murad’s portfolio comprises SPX tokens. The price of the meme coin inspired by the S&P 500SPX has fallen to $0.29, a 35.93% decrease. Despite the loss, the crypto influencer still holds 29.96 million SPX tokens, now worth nearly $8.73 million. This massive loss in his primary asset has had a spillover effect on his portfolio value.

Adding to the concerns surrounding SPX, one crypto user highlighted a significant discrepancy between the token’s current market cap and Murad’s past predictions. He pointed out that SPX, after achieving a $1.5 billion market cap within its first year, is now valued at $350 million. Based on Murad’s theories, SPX should be aiming for a $100 billion increase at this point.

Bearish Signals and the Impact on Murad’s Holdings

This critique is further supported by the bearish technical analysis of the SPX/USD chart, which shows a clear downward trend and decreasing momentum, as indicated by the RSI. This chart data reinforces the reality of SPX’s recent price drop, showing that the meme coin is far from its predicted outcome

Other notable holdings in Murad’s portfolio have also recorded declines. GIGA and RETARDIO are down 8.99% and 5.63% respectively, whille Bitcoin holdings have too decreased by 25.85%. Even POPCAT and MOG tokens, though experiencing smaller percentage losses, have contributed to the overall portfolio downturn. The collective decline across his various holdings aligns with the broad market correction impacting even well-known figures.

This sharp decline in Murad’s portfolio serves as a stark reminder of the risks associated with cryptocurrency trading, particularly in the volatile meme coin market. While his past successes have garnered attention, his recent losses underscores importance of risk management.