This article is also available in Spanish.
Murad Mahmudov (again) has received a lot of attention in recent weeks, establishing himself as one of the most prominent cryptocurrency analysts, similar to Keith Gill, also known as “Roaring Kitty,” in the stock market. Mahmudov has reportedly turned an initial investment of just $2 into a fortune exceeding $100 million over the past five years. This was an amazing achievement detailed By Pix (@PixOnChain), a Mintify consultant and researcher at Jirasan, and also analyzed by cryptocurrency analyst Rekt Fencer (@rektfencer) on X.
This is what is meant
In 2020, he declared bankruptcy during the coronavirus crisis
Now, he’s a memecoin whale, making millions every day
Here’s how he did it – and what he thinks will come next 👇🧵 pic.twitter.com/jqv0pS2PT1
— Rekt Fencer (@rektfencer) October 8, 2024
From Bitcoin to Crypto to Memecoins
Murat Mahmudov’s foray into the world of cryptocurrencies began in 2013 when he was an exchange student in China. Surrounded by forward-thinking peers who were deeply invested in Bitcoin, he developed an early interest in the digital asset. After a stint with financial giants Goldman Sachs and Glencore, Mahmudov returned to the cryptocurrency space in 2016, fully embracing the role of a Bitcoin proponent.
In 2018, he made headlines with a bold prediction: Bitcoin would reach $10 million per coin. This assertion was considered bold even among staunch Bitcoin defenders. Despite his Bitcoin-centric philosophy, Mahmudov has been quietly collecting altcoins, including Ethereum at $150.
Related reading
Leveraging his market insight, Mahmudov co-founded Adaptive Capital in 2019 alongside several colleagues. The fund initially outperformed expectations, benefiting from a formula that appeared to consistently outperform the market. However, the unexpected global COVID-19 pandemic in 2020 radically transformed the economic landscape.
With large long positions in Bitcoin, Adaptive Capital faced catastrophic losses as exchanges experienced outages during critical trading periods. The fund eventually closed, returning the remaining capital to investors after suffering a loss of 55%.
This pivotal moment prompted Mahmudov to reevaluate his investment strategies. After a hiatus from active trading, he resurfaced in June 2022 with a renewed perspective on the cryptocurrency market.
Memecoin super cycle
Realizing the emerging trends, Mahmudov turned his focus to meme currencies. He introduced the concept of the “Memecoin Supercycle,” positing that these tokens represent the next significant growth opportunity in the cryptocurrency market.
Related reading
In a post that went viral on September 12, Mahmudov revealed the ten best high-conviction memecoin investments, with ambitious long-term market cap goals. Among them were tokens like the SPX6900 SSPX on Ethereum, which he believes could reach a market cap of $100 billion, asserting that it is the “number one digital currency in the world” with a mission to “upend the stock market.”
His predictions were met with skepticism, with some describing him as overly optimistic. However, his conviction remains unchanged. “I’ve spent the last 10 weeks locked in my room doing nothing but studying Memecoins, silently hanging out in their group chats, simply observing and studying their lore to develop conviction about the top 10 long-term Memecoin plays. I’ll be sharing all 10 over the next 10 days,” he writes.
Mahmudov’s insights gained significant attention following his recent presentation at Token2049. According to Andrew Kang of Mechanism Capital, his talk at Token2049 “catalyzed the next wave of reallocation of capital to memecoins.”
Cryptocurrency analyst Miles Deutscher summarized the main points of Mahmudov’s speech, noting the exceptional performance of memcoins in the current market cycle. “Assets will no longer move up in unison,” Mahmudov stressed, highlighting the outstanding outperformance of memecoins compared to traditional altcoins.
Murad’s recent speech at TOKEN2049 sparked the memecoin craze.
It will change your entire outlook on cryptocurrencies (and can bring you huge gains).
If you haven’t watched it yet, you need to read this article.
🧵: collapse @MustStopMuradThe meme coin theory.👇
– Miles Deutscher (@milesdeutscher) October 8, 2024
He said memecoins satisfy retail investors’ desires for community, identity and excitement — elements that are often missing from utility-focused altcoins. “Memecoins are a superior version of altcoins,” Mahmudov emphasized. “Memecoins outperform altcoins by offering what retail actually craves: community, identity, and excitement, not just potential gains. It’s not just speculation, it’s culture,” Deutscher explained.
At press time, the leading Solana-based memecoin WIF was trading at $2.52, up 75% in the past three weeks.
Featured image created with DALL.E, a chart from TradingView.com
Comments are closed, but trackbacks and pingbacks are open.