A year has passed. Investor Murad, who once proposed the Meme super cycle theory and was revered by the community as a guru, how is his current portfolio performing? Just looking at the data reveals the whole story.

Most of the assets in his holdings have fallen more than 80%, with many even halving multiple times, with a decline of up to 94%. His paper wealth has shrunk from nearly $70 million at its peak to about $18 million now. That number sounds pretty good, but the problem is—$17 million of it is locked in the coin.

In plain terms, he cannot cash out. The total market cap of $SPX is only $60 million, and his holdings account for a large proportion. Once he starts selling, liquidity evaporates instantly, and a 90% drop in price is common. So, the actual liquid assets he can convert into cash might only be a few million dollars.

From an investment strategy perspective, he is following a long-term diamond hands approach—holding firmly and not cutting losses easily. But the reality is: persistence also comes with a cost. Meme coin cycles are highly volatile, and how much real value can $SPX have? Just look at his recent tweets—you can see that almost all content revolves around $SPX, and his previous explanations of the super cycle theory have faded into the background.

A paper wealth of $70 million, but only a few million in actual liquid funds. Behind this huge gap lies the brutal truth of the Meme track: the theory might be entirely correct, but the timing of cycles and the choice of coin liquidity—each step can determine the final gains.