Binance’s Mubarak (MUBARAK) meme coin saw a massive 325% price surge, hitting $148 million market cap on reports of Changpeng Zhao’s purchase.
By Bhushan Akolkar
Updated
3 mins read
Binance’s BNB Chain-based Mubarak (MUBARAK) meme coin has seen a massive surge in trading activity after reports emerged that Binance founder Changpeng Zhao (CZ) has dabbled into it. As per the data from CoinGecko, MUBARAK price has shot up by 325% to $0.1238 attaining $148 million market cap in a very short time period.
Blockchain analytics platform Lookonchain was the first to report on Sunday, March 16, that Zhao has initiated the purchase of Mubarak meme coin, worth 1 BNB or $600. As per the on-chain data, a blockchain wallet associated with CZ made the transaction through PancakeSwap, a leading DEX on the BNB Chain.
A single BNB swap yielded 20,150 MUBARAK tokens for the wallet, according to Lookonchain. Additionally, it was confirmed that Binance CEO Changpeng Zhao exchanged another 1 BNB for 9,161 Test (TST), another meme coin on the BNB Chain.
Zhao’s latest purchase of Mubarak meme coin has come as a latest surprise to investors after he claimed last month that he isn’t dabbling in this sector. Furthermore, his latest investment in the MUBARAK meme coin has drawn significant investor attention, pushing it higher by 325% in the last 24 hours.
Additionally, the listing of MUBARAK on Binance Alpha has offered a major liquidity boost to the BNB-based meme coin. Initially, the meme coin launched on the BNB Chain’s Four.Meme platform on March 14. This launch happened soon after Changpeng Zhao (CZ) responded to a post referencing Mubarak.
Following these events, MUBARAK price shot up significantly, from just $6,000 valuation at the time of launch, all the way to attaining a $100 million market cap.
Many early investors have secured significant profits from the Mubarak meme coin. Lookonchain also highlighted that one trader who earned over $521,000 in gains from MUBARAK. The trader initially spent 8.55 BNB, approximately $4,947, to purchase 12.35 million MUBARAK tokens.
During the coin’s price surge, the trader swapped 2.35 million tokens for 125 BNB, valued at $74,120. According to Lookonchain, the trader’s wallet still holds 10 million MUBARAK, currently worth around $452,000.
The BNB Chain has secured the top spot in decentralized exchange (DEX) trading volume, recording an impressive $1.64 billion over the past 24 hours. This surge, largely driven by the popularity of meme coins like Mubarak. As a result, it has managed to overtake even top players like Solana.
PancakeSwap, the primary DEX on BNB Chain, also emerged as the highest-performing DEX during this period. This development highlights growing interest and activity within the BNB Chain ecosystem, fueled by the rapid adoption of meme coins.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.