The wallets containing $24 million worth of SPX6900 allegedly belong to meme coin influencer Murad Mahmudov.
With over $23 million of that being profits, other whales have followed Murad into the SPX trade.
SPX6900 Price Rockets 5,000% In 1 Month, Murad’s Wallets Explode
Outspoken meme coin sensationalist Murad is supposedly the mastermind behind several wallets controlling $24 million worth of SPX.
Murad has been promoting the SPX6900 token for many months. He recently called it the “Ultimate Conclusion in Memetic Finance.”
As such, when ZachXBT exposed 11 Ethereum and Solana wallets that he claims are Murad’s, the market was unsurprised that he held such a large amount.
But how did his holdings reach $24 million?
That’s what Lookonchain revealed shortly after ZachXBT’s tweet.
Based on Murad’s alleged addresses, Lookonchain reports that he spent $387K to buy 35.69 million SPX using four wallets from 2 Jun to 16 Aug.
Lookonchain found that Murad has profited over $23 million so far, marking a 61x gain.
Inspired by the exponential gains of Murad and other early SPX investors, another whale has invested $2.61 million into SPX since 21 September, Lookonchain notes.
The investment averages at $0.21 per token, and it’s now worth $8 million. This equates to over a 3x gain in less than one month.
However, the discrepancy in profits between Murad’s wallets and the second wallet underscores the advantage of investing in cryptocurrencies early. Murad made more gains with much less capital.
Murad began investing in SPX6900 on 2 June, which presented a significant discount from its earlier highs.
With that in mind, traders are now actively searching for the next meme coin which could explode, potentially providing exponential returns similar to SPX6900.
One project has recently caught the eye of several experts. It’s called Crypto All-Stars and brings an industry-first utility to meme coins.
New Meme Coin to Watch: Analyst Says $STARS to 100X After Presale
Crypto All-Stars is a multi-chain staking app that allows users to generate passive income on meme coins like Dogecoin, Shiba Inu, and Pepe. And right now, it’s undergoing a presale where it has raised $2.1 million.
Presale investors can stake their $STARS tokens and begin earning rewards immediately. Currently, the staking APY is 680%, but this will decrease over time.
Users must also hold $STARS to stake meme coins, and their rewards will be proportional to how much they have.
Put differently, investors from all the top meme coin communities are incentivized to buy and hold $STARS, which could create significant long-term demand.
25% of the project’s total supply is allocated to MemeVault rewards, another 25% to $STARS’ native token staking, 20% to marketing, 10% to exchange liquidity, and 20% to the presale.
This use case has caused a considerable buzz, with top analysts backing the project for gains. For instance, Umar Khan from 99Bitcoins recently said $STARS could 100x.
Meanwhile, ClayBro notes it “shows a huge surge in demand” and that meme coin season is here.
As meme coin prices rise, the outlook for the world’s first meme coin staking app only gets more bullish.
