The meteoric rise and subsequent crash of the meme coin market have left even the most vocal proponents, including Murad, reeling.

This bearish sentiment extends beyond meme coins. The broader market, including Bitcoin (BTC), is experiencing a downturn.

Murad’s Portfolio Suffers Amid Meme Coin Crash

The self-proclaimed “Meme Coin Jesus,” Murad, saw his portfolio nosedive by over 82% in just two weeks. Once boasting a staggering $55 million in holdings, data on Arkham Intelligence shows his portfolio has shrunk to under $10 million.

“Imagine having generational wealth held in scam coins and continuing to hold to $0,” crypto analyst The Martini Guy quipped.

This represents a devastating $45 million loss, and the turnout highlights the risks of holding meme coins long-term.

This captures the sentiment of many traders swept up in the meme coin frenzy. While the market is warming to an expected bear market, meme coins are recording significant losses. Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and the Official Trump (TRUMP) coin, the meme coin top four, are down by around 7% as of this writing.

Meanwhile, data on CoinGecko shows Murad’s meme coin picks are on a steep value decline, down by almost 84% since the January peak of $4.8 billion.

Despite the brutal downturn, Murad remains confident in the market’s recovery, reassuring his followers on X (Twitter).

“The bounces will be glorious,” Murad chimed.

However, many are skeptical about a swift resurgence with the meme coin sector seeing a massive cooldown. This collapse comes as influencer-backed meme coins draw scrutiny.

Recent research revealed that over 76% of influencer-promoted tokens fail to deliver. Many of these tokens experience brief periods of hype-driven gains before eventually fading into obscurity, leaving investors with significant losses. The findings reinforce the dangers of following social media figures into speculative bets without proper due diligence.

Similarly, BeInCrypto recently reported that 97% of all meme coins fail, with only 15 out of 1.7 million achieving sustained success. The reasons are multifaceted, ranging from lack of utility to poor project management.

Amidst Murad’s losses, blockchain intelligence platform Arkham adds further pressure on crypto influencers and meme coin promoters. Recently, the platform launched a new tracking feature to monitor crypto influencers’ on-chain activities.

“Influencers with more than 100K+ followers on Twitter/X are now tagged on Arkham with a new label: Key Opinion Leader,” read the announcement.

The development could trouble high-profile figures who profit from hyping up low-quality tokens. With Arkham’s new tool, investors can scrutinize wallet movements and track whether influencers are holding or dumping the assets they promote. This could expose some influencers’ deceptive practices.

For now, however, Murad’s dramatic losses serve as a cautionary tale for traders who rely on meme coin speculation. Aligning with recent reports, this turnout suggests that market conditions are shifting toward more sustainable projects. Specifically, crypto investors are shifting focus from meme coins to altcoins with real-world value.