- Murad identifies a consolidation pattern in SPX6900 (SPX) that mirrors previous rally phases of DOGE and PEPE.
- SPX6900 currently holds a market capitalization of approximately $245 million, following an 88% decline from its peak valuation.
- Despite substantial unrealized losses approaching $60 million, Murad maintains a significant holding of 30 million SPX tokens.
Crypto analyst Murad Mahmudov has asserted that SPX6900 (SPX) is exhibiting stabilization at a market capitalization level comparable to Dogecoin (DOGE) and Pepe (PEPE) prior to their significant upward price movements. Mahmudov, known in the crypto space as the “Meme coin Messiah,” shared his analysis on X (formerly Twitter) on April 5, postulating that SPX6900 has the potential to outperform both established meme tokens.
The Stabilization Thesis
Murad’s analysis centers on what he perceives as a recurring pattern in the market cycles of prominent meme cryptocurrencies. He noted:
- Dogecoin (DOGE) experienced a period of sideways trading at a relatively low valuation before experiencing a surge that propelled its market capitalization to a high of approximately $87 billion in May 2021.
- Pepe (PEPE) demonstrated a similar market dynamic, consolidating its price before ascending to a peak market capitalization of around $12 billion.
With SPX6900 presently trading at a market capitalization near $244 million, Murad characterizes this as an accumulation zone consistent with the historical precedents set by DOGE and PEPE.
It’s fascinating to me that SPX6900 is stabilizing and flattening at the same market cap that DOGE and PEPE have stabilized before they proceeded to go to $87 Billion and $12 Billion respectively. Not a coincidence. Except this time SPX6900 will go much, much higher.
Conviction Through Heavy Losses
This optimistic outlook from Murad emerges amidst significant unrealized losses on his personal holdings. Publicly available portfolio data indicates that Murad possesses approximately 29.96 million SPX tokens, valued currently at around $7.8 million. This position represents 96% of his tracked crypto portfolio.
This portfolio reached its zenith near $67 million in July 2025, prior to a substantial correction across the broader meme coin sector, which saw declines exceeding 80%. Despite the downturn, Murad has maintained his position, with on-chain data from Arkham Intelligence showing no significant divestment from his SPX holdings, even with unrealized losses nearing $60 million.
SPX is currently trading around $0.26, marking an 88% decrease from its all-time high of $2.27. Current technical indicators suggest a bearish sentiment, with the asset’s price trading below key moving averages.
The potential for SPX6900 to follow the rally path predicted by Murad will likely hinge on the resurgence of speculative capital flowing back into higher-risk meme tokens in the coming months.
Based on materials from : beincrypto.com