Memecoin Messiah's $60M Oopsie: Still Not Selling, Still Bullish on 400,000% Gain

Trader Murad Mahmudov, affectionately known as the "Memecoin Messiah," has watched nearly $60 million evaporate from his portfolio over the past nine months. His response? Diamond hands that have apparently fused with the floor and become a single unbreakable carbon structure.

The bulk of Mahmudov's tracked holdings—about 96%—sit in SPX6900, a memecoin with aspirations to overthrow the S&P 500 index like a financial guillotine. That single position currently clocks in at roughly $7.79 million, down from a July peak of $67 million. The chart looks less like a pullback and more like a skydiver who forgot their parachute.

But here's the kicker: Mahmudov still expects a 400,000% rally. On Wednesday, he predicted SPX6900's market cap will grow from around $250 million today to a cool $1 trillion. For context, Bitcoin remains the only crypto that's managed to hit that milestone—and Bitcoin didn't have to fight through a sea of TikTok influencers to get there.

Technical charts aren't exactly backing his thesis. On the three-day timeframe, SPX6900 appears to be breaking down from a rising wedge—a bearish pattern that typically resolves lower. The measured move points to roughly $0.205, about 20% below current levels. That would slice another $1.56 million from his memecoin portfolio, which would presumably be used to purchase several bridges and possibly a small country.

Despite the bloodbath, Mahmudov isn't locking in losses. Portfolio tracker DropsTab shows zero realized profits or losses across his tracked positions. He's sitting on $6.22 million in unrealized gains instead of taking profit—because apparently