Gushiken Yona
Murad Mahmudov recently delivered a polarizing blueprint for the digital asset market. He argues that “cults” offer the only viable investment strategy in an era of infinite money printing. The former co-founder of Adaptive Capital believes that traditional revenue actually serves as a handicap for modern growth assets.
Key Points
- Murad Mahmudov argues "cult" coins like Shiba Inu offer the only asymmetric upside because revenue creates valuation ceilings.
- SHIB is cited as a benchmark "multi-cycle survivor" with 1.3 million holders, outlasting the liquidity dilution of 2 million new tokens.
- Analysts view the shift to belief-based assets as a rational retail protest against 7-9% real inflation and wealth erosion.
Mahmudov dismantled the utility narrative during a wide-ranging interview with ThreadGuy. He suggested the surge in meme coins reflects a rational economic response. Speculation acts as a secondary driver for a generation priced out of the traditional American Dream. Younger investors face lives less prosperous than their parents. These participants take more risk because the current system constantly erodes their purchasing power. Market participants feel more desperate and anxious as the financial system continues to “boil the frog.”
The Revenue Ceiling and Valuation Limits
Revenue sets a floor. It also establishes a ceiling. Investors anchor to P/E ratios and formulas when they see revenue. Mahmudov argues that having no revenue provides a distinct advantage in extremely bullish conditions. Human belief lacks a limit. Valuations reach the sky when mathematical formulas are absent.
Tesla stock provides a historical parallel. The shares often trade on the quasi-religious vision of Elon Musk. Car sales figures alone fail to explain the company’s multi-billion-dollar valuation. The market currently features four distinct categories: Store of Value, Stablecoins, Cash Flow coins, and Cults. Mahmudov posits that cash-flow assets, including DeFi protocols and Layer-2 networks, face structural disadvantages during bull markets.
Related: Industry Celebrates the New $70M Domain Mogul But His Crypto Shadows Linger
Shiba Inu and the Multi-Cycle Survival Moat
Shiba Inu (SHIB) serves as a benchmark for this belief-based moat. The project outlasted the 2021 peak and the 2025 technical correction. Over 1.5 million unique addresses currently hold the token despite persistent market volatility. Holder loyalty demonstrates a superior defense compared to the high churn seen in revenue-focused DeFi protocols.
Investors prioritize established social movements over disposable lottery tickets. Platforms like pump.fun flooded the market with millions of new assets throughout 2025. Liquidity previously chased 100 coins. That same capital now struggles to support 2 million tokens. Shiba Inu survives this saturation by converting retail attention into a self-sustaining movement. The project demonstrates a resilience that newer, low-liquidity competitors cannot replicate.
Macroeconomic Discontent as a Catalyst
Real inflation currently runs between 7% and 9% after accounting for monetary expansion. Traditional saving strategies guarantee a loss of wealth in the current economy. Retail investors seek high-risk assets like SHIB as a protest against the status quo.
Related: Shytoshi Kusama Schedules New Livestream Following Inaugural Broadcast
“You have to become a top 5% man or you’re finished,” Mahmudov said bluntly. Building a laser-focused community creates a new reality. Loyalty provides the only defense left in an open-source world. Technical innovation often serves as a distraction from the real product. Community and social coordination carry a higher premium than code in a nihilistic market.
Performance data indicates the market increasingly agrees with this cynical worldview. Investors trade tech for vibes to protect their capital from the melting ice cube of fiat currency. Established category leaders provide a liquid haven for this capital rotation as the meme coin supercycle enters its next phase.
Frequently Asked Questions
YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
