‘Murad Memes’ Bounce Back

After a tumultuous December for memecoins, the so-called “Murad Memes” are showing relative strength compared to the rest of the sector.

Over the last week, tokens on investor Murad Mahmudov’s list, like SPX6900 and APU, are up over 40%, while major memecoins like PEPE and WIF are flat on the week, while middle of the pack memes like FWOG are down 23% in the same time frame.

While Mahmudov has no hand in running or creating any of the tokens on his list, they have become synonymous with his memecoin supercycle thesis, presented at Token2049 in September 2024.

Murad’s thesis implores memecoin traders to shift their mindset towards that of an investor when it comes to these tokens with strong communities, which he affectionately refers to as cults. The theory, inspired by the battle cry of his favorite memecoin community, SPX6900, is to “stop trading and believe in something.”

In addition to Murad’s memecoin thesis, which was based on societal nihilism and the ever-expanding wealth gap, he published a list of tokens that fit his criteria of true “cult coins,” along with astronomical price targets for each token.

Mahmudov was among the most talked about individuals in 2024 amid memecoin mania. By October, Murad's influence over the memecoin space became so great that onchain sleuth ZachXBT involuntarily doxxed Murad’s wallets.

Alongside the controversy that comes with forcibly doxxing someone else’s wallets, many were pleasantly surprised to find that Murad had not sold any of the tokens he peddled to his followers despite being up over $19 million on SPX6900 alone.

While there is no clear catalyst for the sector’s strength, the renewed buy pressure is likely a result of claims made by influential trader GCR, who reportedly said, “I still believe in Murad, and think we haven’t seen his main character arc...”

The statement was made during an AMA session in the Grand Exchange telegram group, a private channel operated by another trader known as Thiccy.