Murad, a notable meme coin analyst, identifies the Dogecoin (DOGE) and Shiba Inu (SHIB) of this cycle.
Some view meme coins as the highest beta in crypto. However, their high return potential comes with high risk. While there have been notable success stories like Dogecoin (DOGE) and Shiba Inu (SHIB), these successes have been difficult to replicate, given the sector’s purely speculative and hype-driven nature.
Yet Murad Mahmudov, who has positioned himself as something of a connoisseur in a sector that continues to puzzle some of the industry’s greatest thinkers, has maintained that memes will remain the dominant narrative of the current market cycle. Recently, he unveiled his top picks, which he asserts will be the next DOGE and SHIB.
The Dogecoin (DOGE) and Shiba Inu (SHIB) of This Cycle
In a Wednesday, January 1 response to the prominent crypto-focused X account Altcoin Daily, Murad asserted that SPX6900 (SPX) and Gigachad (GIGA) are the Dogecoin and Shiba Inu of this cycle.
Murad’s picks come as no surprise as he has frequently touted their promise in recent months, and their successes have earned him more notoriety.
SPX is an Ethereum-based meme coin created on August 16, 2023, that plays on the memetic value of the number 69 and is promoted as a reset of the S&P 500 Index, “a stock market for the people.” Etherscan data reveals that the token has a supply of 1 billion with over 29,000 holders. However, the top 100 holders hold over 69% of the supply.
Still, per DEX Screener data, SPX boasts a market cap of $885 million. For context, DOGE and SHIB boast market capitalizations of $49 billion and $13 billion, respectively.
Meanwhile, GIGA is a Solana-based meme coin which made its debut on January 5, 2024. Per Solscan data, the token boasts a 9.6 billion supply with over 66,400 holders. While the supply concentration is unclear, roughly equivalent distribution among the token’s top 100 holders may suggest the token supply is concentrated among a few holders. Still, DEX Screener data shows it currently boasts a market cap of over $740 million.
While SPX and GIGA appear to be far from achieving the same level of success as DOGE and SHIB, Murad told Altcoin Daily that he expected the up-and-coming meme coin sensations to grow a hundredfold in 2025.
That will mean a market capitalization of $88.5 billion for SPX and $74 billion for GIGA. While this estimation appears far-fetched, it is important to recall that DOGE hit a peak market cap of about $98.5 billion in the 2021 bull cycle.
Whether SPX and GIGA can replicate this impressive run as Murad predicts remains to be seen.
Murad Controversies
It is worth noting that Murad faces accusations of not having any real edge in the market besides leveraging his about 600,000 follower-strong influence to pump coins he is involved with.
In October 2024, prominent crypto sleuth ZachXBT unveiled 11 wallets believed to be associated with Murad with holdings exceeding $24 million at the time, including 30 million SPX worth $17 million and 70 million GIGA worth $3.5 million.
1/2 I uncovered 11 high confidence wallets tied to @MustStopMurad holding ~$24M in meme coins on Ethereum and Solana so the community can monitor his future activity. pic.twitter.com/OTx6XMguTA
— ZachXBT (@zachxbt) October 9, 2024
However, the current Dune analysis of these wallets shows a zero SPX balance and only 391,000 GIGA, suggesting that Murad has either moved or significantly offloaded his holdings.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
