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Cointelegraphabout 4 hours ago2 min readT1

'Memecoin messiah' lost $60M trading mostly SPX6900: He's still not selling

Despite significant unrealized losses of approximately $60 million on his portfolio, trader Murad Mahmudov maintains a strong conviction in SPX6900, projecting a 400,000% increase to a $1 trillion market cap. Technical analysis suggests SPX6900 is poised for a further 20% decline in the short term, which would result in an additional $1.56 million loss for Mahmudov's holdings. Mahmudov's refusal to sell, even with substantial unrealized losses and bearish technicals, highlights a high-risk, high-conviction trading strategy within the volatile memecoin sector.

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