Meme Coin KOL Murad Holds Nearly $60 Million in Paper Losses But Has Not Set a Stop Loss, Indicating Confidence in a Rebound

BlockBeats News, April 2nd - According to Cointelegraph, prominent Meme coin influencer Murad has accumulated a nearly $60 million unrealized loss in Meme coin trading over the past nine months, but he has expressed optimism for a rebound and has not stopped out. He currently holds about 29.964 million SPX6900 (SPX) tokens, with a market value of around $7.79 million, accounting for 96% of his total tracking portfolio of about $8.1 million. In July last year, the portfolio peaked at around $67 million. Since then, following an over 80% decline from the peak of the Meme coin sector, the unrealized loss has accumulated to about $60 million. Data shows that there has been no substantial selling of his SPX6900 holdings or other major positions, and the realized profit and loss is still zero.

On Wednesday, Murad stated on Twitter that the market value of SPX6900 will increase from the current approximately $250 million to $1 trillion, representing a nearly 400,000% increase. He pointed out that currently, Bitcoin is the only cryptocurrency with a market value exceeding $1 trillion.

On the technical side, SPX6900 is currently breaking downwards from an ascending wedge shape on the three-day chart, has fallen below the wedge's lower support level of about $0.26, and is below the 20, 50, and 100 period moving averages, indicating weak momentum. If the downtrend is confirmed, the pattern measurement target points to around $0.205, about 20% lower than the current low, which would result in Murad's Meme coin portfolio losing another approximately $1.56 million.