SPX Drops 35% — Did Murad Miss the Year’s Best Profit-Taking Opportunity?

While Solana (SOL) has returned to just about 2025 highs, SPX6900 (SPX)—a preferred meme coin on the Solana community endorsed by well-known investor Murad—has dropped 35% from its peak final month.

This sharp decline has severely impacted Murad’s portfolio, the place SPX makes up the overwhelming majority. The key query is whether or not Murad missed the greatest probability of the 12 months to lock in earnings, and if SPX has any momentum left for a restoration.

Murad Holds All SPX Despite a 35% Portfolio Drop.

BeInCrypto information exhibits that SPX fell from a late-August high of $2.15 to $1.36 in September.

The 35% drop contrasts with the broader altcoin rally, which has lasted for weeks. During the similar interval, the altcoin market cap (TOTAL3) hit a brand new high in September, exceeding $1.15 trillion.

As a end result, the general worth of Murad’s portfolio additionally fell sharply since SPX makes up greater than 97% of his holdings.

Arkham information reveals that his portfolio dropped from an all-time high of $67 million to $42.8 million. Murad nonetheless holds practically 30 million SPX and has not bought a single token this 12 months, even when SPX traded above $2.

Did Murad move up the greatest probability to revenue from SPX? His resolution to not promote underscores his belief that SPX will climb a lot greater than $2.

Although his portfolio misplaced over 35% in September, it was not as extreme as earlier this 12 months, when it plunged greater than 78%—from $56 million to $12 million. Even then, he selected to carry and has continued to take action.

“In 2018, folks known as me a schizo after I known as BTC to $1,000,000. Now it’s commonplace consensus. I’m now calling SPX6900 to $1,000+,” Murad said.

If SPX ever reaches $1,000 as he predicts, his portfolio could be price greater than $30 billion, putting him amongst the world’s high 100 richest folks.

SPX Sees Strong Accumulation Despite Price Correction

Santiment information exhibits that the SPX provide on exchanges (pink line) has hit a brand new one-year low, whereas the variety of holders (yellow line) has reached an all-time high above 2 million.

Since June, practically 60 million SPX tokens have left exchanges. This development indicators robust accumulation, as extra traders want holding relatively than promoting.

Many traders use the dollar-cost average (DCA) day by day, reflecting their confidence in SPX’s future.

Some believe SPX may turn into this cycle’s Shiba Inu (SHIB). For context, SHIB’s market cap is $7.7 billion, whereas SPX’s is $1.2 billion.

As a meme token created for leisure and satire, SPX’s greatest power lies in Murad’s robust affect. With greater than 700,000 followers, his X account stays a strong driver of the token’s reputation.

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