Crypto Whale turns $2 into over $100 million: here’s how

Published on:

This article is also available in Spanish.

Murad Mahmudov has (once again) attracted a lot of attention in recent weeks, establishing himself as one of the leading cryptocurrency analysts – just like Keith Gill, aka “Roaring Kitty” in the stock market. Mahmudov has reportedly turned an initial investment of just $2 into a fortune of more than $100 million over the past five years. It was an amazing feat detailed by Pix (@PixOnChain), a Mintify advisor and researcher at Jirasan, and then analyzed by cryptocurrency analyst Rekt Fencer (@rektfencer) on X.

From Bitcoin to Crypto to Memecoins

Murad Mahmudov’s entry into the world of cryptocurrencies began in 2013, when he was an exchange student in China. Surrounded by forward-thinking peers deeply invested in Bitcoin, he developed an early interest in the digital asset. After a period of cooperation with financial giants Goldman Sachs and Glencore, Mahmudov returned to cryptocurrency in 2016, fully assuming the role of Bitcoin maximalist.

In 2018, he made headlines with a bold prediction: Bitcoin will reach $10 million per coin. This claim was considered bold even among Bitcoin’s staunchest supporters. Despite his Bitcoin-centric philosophy, Mahmudov has been quietly accumulating altcoins, including Ethereum at $150.

Using his market knowledge, Mahmudov and several colleagues founded Adaptive Capital in 2019. The fund initially performed above expectations, using a formula that appeared to consistently beat the market. However, the unforeseen global COVID-19 pandemic in 2020 dramatically changed the economic landscape.

With significant long positions in Bitcoin, Adaptive Capital suffered catastrophic losses as exchanges experienced outages during critical trading periods. The fund eventually closed, returning the remaining capital to investors after suffering a 55% loss.

This pivotal moment prompted Mahmudov to re-evaluate his investment strategies. Taking a break from vigorous trading, he reemerged in June 2022 with a renewed view of the cryptocurrency market.

Memecoin supercycle

Noticing emerging trends, Mahmudov focused on memecoins. He presented the concept of a “Memecoin Supercycle”, stating that these tokens represent the next significant growth opportunity in the cryptocurrency market.

In a viral post on September 12, Mahmudov revealed his top ten high-conviction memecoin investments, along with ambitious long-term market capitalization goals. These included tokens such as SPX6900 SSPX on Ethereum, which he said could reach a market capitalization of $100 billion, confirming it is the “number one movement coin in the world” with a mission to “turn around the stock market.”

Most popular memecoins | Source: X @PixOnChain

His predictions were met with skepticism, with some calling him too hopeful. Yet his conviction remains unwavering. “I have spent the last 10 weeks locked in my room, doing nothing but studying Memecoins, silently hanging out in their group chats, just observing and studying their history to gain confidence in my top 10 long-term Memecoin plays. I will share all 10 in the next 10 days,” he writes.

Mahmudov’s insights gained significant traction following his recent presentation at Token2049. According to Mechanism Capital’s Andrew Kang, his speech at Token2049 “started another wave of capital reallocation into memecoins.”

Crypto analyst Miles Deutscher summarized the key points of Mahmudov’s speech, noting memecoin’s exceptional performance in the current market cycle. Mahmudov stressed that “assets will no longer grow simultaneously,” emphasizing the clear advantage of memecoins compared to conventional altcoins.

He argued that memecoins fulfill retail investors’ desires for community, identity and emotion – elements that utility-oriented altcoins often lack. “Memecoins as a better version of altcoins,” Mahmudov said. “Memecoins are overtaking altcoins by delivering what retail actually wants: community, identity and emotion, not just potential profits. It’s not just speculation, it’s culture, Deutscher explained.

At the time of publication, Solana-based leading memecoin WIF was trading at $2.52, up 75% over the past three weeks.

WIF price
WIF price, 1-day chart | Source: WIFUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

Related

Leave a Reply

Please enter your comment!
Please enter your name here