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

While Solana (SOL) has returned to nearly 2025 highs, SPX6900 (SPX)—a popular meme coin on the Solana network endorsed by well-known investor Murad—has dropped 35% from its peak last month.

This sharp decline has severely impacted Murad’s portfolio, where SPX makes up the overwhelming majority. The key question is whether Murad missed the best chance of the year to lock in profits, and if SPX has any momentum left for a recovery.

Murad Holds All SPX Despite a 35% Portfolio Drop.

BeInCrypto data shows 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 same period, the altcoin market cap (TOTAL3) hit a new high in September, exceeding $1.15 trillion.

SPX6900 (SPX) Price Performance. Source: SPX6900 (SPX) Price Performance.

As a result, the overall value of Murad’s portfolio also fell sharply since SPX makes up more than 97% of his holdings.

Arkham data reveals that his portfolio dropped from an all-time high of $67 million to $42.8 million. Murad still holds nearly 30 million SPX and has not sold a single token this year, even when SPX traded above $2.

Murad’s Total Portfolio Value. Source: Murad’s Total Portfolio Value.

Did Murad pass up the best chance to profit from SPX? His decision not to sell underscores his belief that SPX will climb much higher than $2.

Although his portfolio lost over 35% in September, it was not as severe as earlier this year, when it plunged more than 78%—from $56 million to $12 million. Even then, he chose to hold and has continued to do so.

“In 2018, people called me a schizo when I called BTC to $1,000,000. Now it’s commonplace consensus. I am now calling SPX6900 to $1,000+,” Murad said.

If SPX ever reaches $1,000 as he predicts, his portfolio would be worth more than $30 billion, placing him among the world’s top 100 richest people.

SPX Sees Strong Accumulation Despite Price Correction

Santiment data shows that the SPX supply on exchanges (red line) has hit a new one-year low, while the number of holders (yellow line) has reached an all-time high above 2 million.

Since June, nearly 60 million SPX tokens have left exchanges. This trend signals strong accumulation, as more investors prefer holding rather than selling.

SPX Supply on Exchange. Source: SPX Supply on Exchange.

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

Some believe SPX could become this cycle’s Shiba Inu (SHIB). For context, SHIB’s market cap is $7.7 billion, while SPX’s is $1.2 billion.

As a meme token created for entertainment and satire, SPX’s biggest strength lies in Murad’s strong influence. With more than 700,000 followers, his X account remains a powerful driver of the token’s popularity.