BlockBeats News, April 2nd – According to Cointelegraph, popular Meme coin influencer Murad has accumulated nearly $60 million in unrealized losses over the past nine months trading Meme coins, but he has stated that he remains optimistic about a rebound and has not stopped out. He currently holds approximately 29.964 million SPX6900 (SPX) valued at around $7.79 million, accounting for 96% of his total tracked investment portfolio of about $8.1 million. In July of last year, his portfolio reached a peak value of around $67 million. Subsequently, with the Meme coin sector declining over 80% from its high, his unrealized losses have accumulated to around $60 million. Data shows that there have been no substantial sell-offs of his holdings in SPX6900 or other major positions, and the realized P&L remains at zero.
On Wednesday, Mahmudov stated on Twitter that the market cap of SPX6900 will increase from the current approximately $250 million to $1 trillion, representing a nearly 400,000% increase. He pointed out that currently Bitcoin is the only cryptocurrency with a market cap exceeding $1 trillion.
On the technical side, SPX6900 is breaking downward from an ascending wedge pattern on the three-day chart, has dropped below the wedge’s lower support level of around $0.26, and is below the 20, 50, and 100 period exponential moving averages, indicating weak momentum. If the downtrend is confirmed, the pattern’s measured target points to around $0.205, about 20% lower than the current low, which would result in Murad’s Meme coin portfolio losing an additional approximately $1.56 million.
