Crypto Whale Turns $2 Into Over $100 Million: Here’s How He Did It

Murad Mahmudov has (once again) garnered major attention in recent weeks, establishing himself as one of the leading crypto analysts—analogous to Keith Gill, also known as “Roaring Kitty,” in the stock market. Mahmudov has reportedly transformed an initial investment of just $2 into a fortune exceeding $100 million over the past five years. This astounding feat was detailed by Pix (@PixOnChain), an advisor to Mintify and researcher at Jirasan, and further analyzed by crypto analyst Rekt Fencer (@rektfencer) on X.

From Bitcoin To Crypto To Memecoins

Murad Mahmudov’s entry into the world of cryptocurrency began in 2013 while he was an exchange student in China. Surrounded by forward-thinking peers deeply invested in Bitcoin, he developed an early interest in digital assets. After a period working with financial giants Goldman Sachs and Glencore, Mahmudov returned to the crypto sphere in 2016, fully embracing the role of a Bitcoin maximalist.

In 2018, he made headlines with a bold prediction: Bitcoin would reach $10 million per coin. This assertion was considered audacious even among staunch Bitcoin advocates. Despite his Bitcoin-centric philosophy, Mahmudov was quietly accumulating altcoins, including Ethereum at $150.

Capitalizing on his market insights, Mahmudov co-founded Adaptive Capital in 2019 alongside several colleagues. The fund initially outperformed expectations, leveraging a formula that seemed to consistently beat the market. However, the unforeseen global COVID-19 pandemic in 2020 dramatically shifted the economic landscape.

With significant long positions in Bitcoin, Adaptive Capital faced catastrophic losses as exchanges experienced outages during critical trading periods. The fund ultimately closed, returning the remaining capital to investors after sustaining a 55% loss.

This pivotal moment prompted Mahmudov to reassess his investment strategies. Taking a hiatus from active trading, he re-emerged in June 2022 with a renewed perspective on the crypto market.

The Memecoin Supercycle

Recognizing emerging trends, Mahmudov shifted his focus to memecoins. He introduced the concept of the “Memecoin Supercycle,” positing that these tokens represent the next significant growth opportunity in the crypto market.

In a viral post on September 12, Mahmudov unveiled his top ten high-conviction memecoin investments, complete with ambitious long-term market capitalization targets. Among them were tokens like SPX6900 SSPX on Ethereum, which he believes could reach a $100 billion market cap, asserting it as the “number one movement coin in the world” with a mission to “flip the stock market.”

His predictions were met with skepticism, with some labeling him as overly optimistic. However, his conviction remains unshaken. “I’ve spent the last 10 weeks locked in my room doing nothing but studying Memecoins, silently hanging out in their groupchats, simply observing and studying their lore to develop conviction on my Top 10 long-term Memecoin plays. I will be sharing all 10 over the next 10 days,” he writes.

Mahmudov’s insights gained significant traction following his recent presentation at Token2049. According to Mechanism Capital’s Andrew Kang his talk at Token2049 “catalyzed the next wave of capital reallocation into memecoins.”

Crypto analyst Miles Deutscher summarized the key points of Mahmudov’s speech, noting the exceptional performance of memecoins in the current market cycle. Mahmudov emphasized that “assets will no longer move up in unison,” highlighting the distinct outperformance of memecoins compared to traditional altcoins.

He argued that memecoins fulfill retail investors’ desires for community, identity, and excitement—elements often missing from utility-focused altcoins. “Memecoins as a superior version of altcoins,” Mahmudov asserted. “Memecoins are outpacing altcoins by delivering what retail actually craves: community, identity, and excitement, not just potential gains. It’s not just speculation, it’s culture, Deutscher explained.

At press time, leading Solana based memecoin WIF traded at $2.52, up 75% in the last three weeks.