Prominent Hedge Fund Exec Blasts Cardano And XRP As “Cult Meme Coins” ⋆ ZyCrypto

Former
Goldman
Sachs
analyst
turned
Bitcoin
(BTC)
maximalist
Murad
Mahmudov
has
fired
shots
at
Ripple-promoted
XRP
and
Cardano’s
ADA.

Mahmudov
called
the
two
major
cryptocurrencies
“cult
meme
coins.”
“This
is
the
cycle
when
people
are
finally
realizing
that
XRP
and
ADA
were
nothing
other
than
Cult
Memecoins
all
along,”
he
asserted
in
a
post
on
his
social
media
profile
on
X.

Just
last
week,
the
prominent
financial
strategist
shared
some
advice
for
those
investors
who
want
to
foray
into
the
fast-growing
meme
coin
ecosystem,
saying
they
should
focus
on
projects
whose
present
market
valuation
ranges
between
$5
million
and
$200
million.
According
to
Mahmudov,
a
meme
coin
that
did
not
spend
several
weeks
trading
sideways
under
a
$10m
market
capitalization
is
a
scam. 

He
also
envisions
altcoins
outshining
every
other
sector
of
the
crypto
market
in
the
current
cycle.
Regardless,
he
does
not
anticipate
a
major
altcoin
season
because
U.S.
household
savings
have
been
eroded.

XRP
boomed
during
the
2017
bull
market,
registering
gargantuan
gains
and
turning
Ripple
founders
into
some
of
the
richest
people
in
the
world.
According
to
CoinGecko,
XRP
is
the
eighth
largest
digital
asset
with
a
market
cap
of
$23
billion.
It
was
created
to
move
money
across
borders.
The
token
is
still
down
87.6%
from
its
all-time
high
of
$3.40
set
in
January
2018,
despite
securing
partial
regulatory
clarity
last
July.

Similarly,
Cardano’s
ADA,
which
made
waves
with
stunning
price
growth
during
the
last
bull
cycle,
is
in
the
same
situation.
ADA
has
lost
as
much
as
88.8%
of
its
value
since
setting
a
record
high
of
$3.09
in
September
2021.

“Institutions
will
mostly
buy
$BTC.
Maybe
a
little
$ETH.
Retail
will
mostly
buy
Memecoins.
This
is
why
Tech
Alts
are
underperforming.
No
one
wants
them,”
Mahmudov
added
in
a
different
X
post.

Mahmudov
came
to
the
spotlight
by
helming
crypto
hedge
fund
Adaptive
Capital.
Notably,
Adaptive
Capital
shuttered
all
operations
after
taking
heavy
losses
during
the
March
13,
2020,
crypto
market
meltdown,
which
saw
the
BTC
price
nosedive
to
a
low
of
around
$3,750.