Whale meme coin wallets exposed in new ZachXBT report

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Chain researcher ZachXBT discovered 11 wallets associated with cryptocurrency trader Murad Mahmudov, containing approximately $24 million in meme coins.

1/2 We discovered 11 highly trusted wallets related to @MustStopMurad holding ~$24 million in meme coins on Ethereum and Solana so the community can monitor their future activity. pic.twitter.com/OTx6XMguTA

— ZachXBT (@zachxbt) October 9, 2024

The wallets, distributed on Ethereum and Solana, were traced back to a single funding source with connections to the STFX team’s multisig signer, highlighting Murad’s involvement as an investor.

ZachXBT’s discovery brings to light potential concerns about the timing of Mahmudov’s trades and how they coincide with his public endorsements of certain meme coins. For example, one wallet was seen to have purchased 7.5 million MINI tokens just an hour before Murad publicly promoted them, raising questions about market manipulation.

Following this exposure, Murad Mahmudov’s role as a prominent figure in the meme coin sector becomes even more significant, especially after his influential presentation at Token 2049 where he discussed the meme coin supercycle.

He has been actively sharing his bullish views on meme coins on social media platform X, where he recently commented,

“The Meme Stock craze of 2021 was just a test for the Memecoin supercycle. Things haven’t even started yet.”

This statement underscores his belief that meme coins are more than a passing fad, marking the beginning of what he perceives as a supercycle driven by growing public interest and hype.

of Murad advocacy for meme coins it expands to a diverse range of tokens including SPX6900, FWOG, GIGA, AP, POPCAT and PEPE despite the risks presented by recent wallet disclosures.

After its wallets were publicly disclosed, it was revealed that its largest asset, SPX, comprises 30 million tokens valued at $17 million, traded predominantly on decentralized exchanges where liquidity is low. This scenario positions Murad as a forced holder, unable to liquidate large positions without significantly affecting the market price.

The spotlight on Murad’s wallets triggered further scrutiny and heightened market activity around the SPX. Shortly after ZachXBT’s unveiling, another investor was motivated to buy 12.6 million SPX tokens for $2.61 million, a move that proved profitable as the SPX price climbed to $0.67 from an initial buy price of $0.21.

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