The article discusses meme tokens and their market performance, with a focus on influencer Murad Mahmudov and his cult token portfolio. While most meme tokens lose over 99% of their value and lack fundamentals, Mahmudov's portfolio has only experienced a 39% decline. The wallets of Mahmudov serve as a benchmark for cult tokens, which have seen drawdowns of up to 70% but have rallied due to community engagement. Mahmudov is unable to sell his tokens without angering the communities due to public scrutiny. Mahmudov's top pick is SPX6900, a cult token that has been actively traded and shows constant user growth. Gigachad is another cult token that has lost value despite being given cult status by Mahmudov. Meme tokens, including Dogecoin, have been declining as BTC dipped in value. Despite this, there is still potential for meme tokens to recover their losses and the asset class is starting to regain trust. However, newcomers to the market should still proceed with caution as meme tokens remain risky.



Other News from Today