Murad Mahmudov is drawing a direct behavioral comparison between today’s most committed SPX6900 holders and investors who accumulated Bitcoin early and held through years of extreme volatility.

“People who made it big with Bitcoin, acted exactly the same way SPX6900 Aeons are acting today. Extreme Buy-and-Hold,” Murad said in his latest post on X.

The comparison centers on investor behavior rather than technology, market size or fundamentals. Murad’s argument is that the outsized gains generated by some early Bitcoin investors came from maintaining conviction through severe drawdowns instead of repeatedly trading in and out of the market.

He believes a similar culture has developed around SPX6900.

SPX6900 Community Builds Around Holding Rather Than Trading

Members of the SPX6900 community commonly call themselves “Aeons.” The project’s own website describes a culture explicitly built around long-term conviction, including the principle “Stop Trading and Believe in Something.”

The community says dollar-cost averaging became a dominant practice during late 2024 and early 2025, while another of its principles discourages focusing excessively on short-term price charts.

That fits closely with Murad’s broader memecoin thesis.

The Crypto Basic previously reported that Murad views highly committed XRP and Cardano communities as blueprints for parabolic crypto growth. He has argued that persistent communities can create stronger long-term networks around an asset than groups that continually rotate between new narratives.

He has also previously emphasized long-term holding over trading and market timing, identifying communities around Bitcoin, XRP, Dogecoin, Cardano and other assets as examples of this behavior.

SPX Remains Far Below Its Record High

Murad’s comparison comes while SPX6900 is still recovering from a substantial drawdown.

SPX currently trades around $0.36, giving the token a market capitalization of roughly $336 million. Its record high stands near $2.27, reached in July 2025, leaving SPX approximately 84% below its peak.

That decline makes the buy-and-hold thesis particularly relevant to Murad’s argument. Remaining committed after an 80%-plus drawdown requires substantially different behavior from buying an asset during a strong upward trend.

The Crypto Basic has previously covered Murad’s view that SPX6900 could follow the community-driven paths of Dogecoin and Shiba Inu.

Bitcoin Comparison Does Not Mean SPX Must Repeat Bitcoin

The analogy has an important limitation.

Bitcoin developed into a trillion-dollar asset with its own decentralized monetary network, while SPX6900 describes itself as a community-driven meme asset. Its official website explicitly states that SPX has no intrinsic value or expectation of financial return and is intended for entertainment purposes.

Accordingly, early Bitcoin investors holding through volatility does not establish that SPX holders will ultimately receive comparable returns.

Murad’s argument is narrower: he sees the behavioral pattern—extreme conviction, accumulation and reluctance to sell—as similar.

Whether that culture can translate into another sustained SPX expansion will ultimately depend on whether the community continues growing and attracting capital through future market cycles.

read more