This study analyses of the Living Memorial: a counter-monumental installation located since 2014 in the highly contested Szabadság (‘Liberty’) Square in central Budapest, Hungary. The focus on the LM allows showcasing it as a unique type of commemorative installation that not only contests the current Hungarian top-down, hegemonic narrations and practices of memory but also counteracts the country’s politicised and ideologised narrations of the past. The LM is explored as a dialogical ‘nexus’ of, on the one hand, individual, lived experiences of the Holocaust in Hungary in 1944–45 and, on the other, of the wider historical and contemporary socio-historical narratives as well as commemorating practices. Presented in the article – and set against the wider input from memory and commemoration research – the systematic, discourse-ethnographic analysis of the Living Memorial links its discursive and visual as well as spatial aspects with the exploration of various types of spectator engagement. In doing so, the article connects the wider context of memory and commemoration in the national and city spaces – and specifically in the often strongly politicised capital milieus – to the specific, localised contexts of ‘commemorative battlegrounds’ wherein ‘official’ displays of memory clash with, and are opposed by, their bottom-up, counterhegemonic contestations.