Cryptocurrency influencer Murad Mahmudov claims that SPX6900 (SPX) is settling at the same market cap level where Dogecoin (DOGE) and Pepe (PEPE) consolidated before their explosive rises.
The Princeton-educated trader, often called the “Coin Meme Messiah,” posted his analysis on X (Twitter) on April 5, arguing that SPX would outperform both symbols.
Stability thesis
Murad pointed to what he considers a recurring historical pattern among the most important memetic currencies.
- DOGE traded sideways at a relatively low valuation before rising to nearly $87 billion at its peak in May 2021.
- PEPE followed a similar path, consolidating before rising to nearly $12 billion.
The market cap of the SPX6900 is now around $244 million, a range that Murad classifies as the same type of accumulation zone.
“It is amazing to me that the SPX6900 has settled and flattened at the same market capitalization that DOGE and PEPE settled at before they started going to $87 billion and $12 billion respectively. Not a coincidence. Except this time the SPX6900 will rise much, much higher.” male.
Condemnation through heavy losses
The call comes despite large personal withdrawals. Murad owns approximately 29.96 million SPX tokens, worth approximately $7.8 million, representing 96% of his publicly tracked portfolio.
This portfolio peaked near $67 million in July 2025 ahead of the broader coin sector Corrected by more than 80%..
Did not sell. On-chain data from Arkham Intelligence shows no meaningful exits from his SPX position despite unrealized losses of about $60 million.
The SPX itself is trading at around $0.26, down 88% from its all-time high of $2.27. Technical indicators remain bearish, with the price remaining below the major moving averages.
Whether Murad’s historical parallel holds will depend on whether new speculative capital returns to high-risk tokens in the coming months.
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