Meme Coins
Home” Meme Coins” Meme coin whale’s wallets exposed in brand-new ZachXBT’s report
by
Estefano Gomez
Oct. 9, 2024
ZachXBT exposes $24M in meme coin wallets connected to influencer Murad Mahmudov.
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On-chain scientist ZachXBT, has actually revealed 11 wallets connected with crypto trader Murad Mahmudov, including around $24 million in meme coins.
1/2 I discovered 11 high self-confidence wallets connected to @MustStopMurad holding ~$24M in meme coins on Ethereum and Solana so the neighborhood can monitor his future activity. pic.twitter.com/OTx6XMguTA
— ZachXBT (@zachxbt) October 9, 2024
The wallets, dispersed throughout Ethereum and Solana, were traced back to a single financing source with connections to the STFX group’ s multisig signer, highlighting Murad’ s participation as a financier.
The discovery by ZachXBT exposes possible issues relating to the timing of Mahmudov’ s deals and how they accompany his public recommendations of particular meme coins. It was observed that one wallet bought 7.5 million MINI tokens simply an hour before Murad openly promoted them, raising concerns about market adjustment.
Following this direct exposure, Murad Mahmudov’ s function as a popular figure in the meme coin sector ends up being a lot more substantial, especially after his prominent discussion at Token 2049, where he talked about the meme coin supercycle.
He has actually been actively sharing his bullish views on meme coins on social networks platform X, where he just recently commented,
The Meme Stock trend of 2021 was simply a trial run for the Memecoin Supercycle. Things sanctuary’ t even started yet.”
This declaration highlights his belief that meme coins are more than simply a short lived pattern, marking the start of what he views as a supercycle driven by intensifying public interest and buzz.
Murad’ s advocacy for meme coins reaches a varied variety of tokens, consisting of SPX6900, FWOG, GIGA, AP, POPCAT, and PEPE, in spite of the threats postured by the current wallet disclosures.
After his wallets were openly revealed, it was exposed that his biggest possession, SPX, makes up 30 million tokens valued at $17 million, mainly traded on decentralized exchanges where liquidity is low. This situation positions Murad as a forced holder, not able to liquidate big positions without considerably impacting the marketplace rate.
The spotlight on Murad’ s wallets has actually triggered even more examination and increased market activity around SPX. Soon after ZachXBT’ s discovery, another financier was inspired to purchase 12.6 million SPX tokens for $2.61 million, a relocation that showed rewarding as the cost of SPX reached $0.67 from a preliminary purchasing rate of $0.21.
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