Binance Alpha introduced support for MUBARAK meme coin which resulted in the digital currency skyrocketing 200% in the past 2 days.
By Parth Dubey
Updated
3 mins read
The Binance meme coin ecosystem has been thriving recently with the new addition of meme token Mubarak (MUBARAK), which has skyrocketed 200% in just 48 hours, claiming an all-time high of $0.2158.
At press time, the cryptocurrency trades at $0.1599, up more than 75% in the past 24 hours, CoinMarketCap data shows. The trading activity jumped by over 70% with the meme token hitting a market cap of $443 million.
This meteoric price rise has been fueled by a series of events, including its listing on Binance Alpha and an intriguing move by former Binance CEO Changpeng Zhao (CZ).
One of the major catalysts behind MUBARAK’s recent price explosion was an unexpected transaction involving CZ.
The Binance co-founder swapped 1 BNB for 20,150 MUBARAK tokens, worth around $600. This seemingly minor trade sent shockwaves through the crypto community, as many interpreted it as a bullish signal.
Following CZ’s involvement, the meme token saw a 200% jump in over 48 hours, further intensifying after Binance Alpha, a well-known platform for high-growth potential coins, officially listed MUBARAK.
The meme token also found its way to the Binance Futures program.
Adding to the commotion, a crypto trader managed to achieve an eye-watering 4,860x return on his investment.
According to blockchain analytics platform LookonChain, the trader initially invested just 0.4 BNB ($232) to acquire 10.5 million MUBARAK tokens. As the price increased, he strategically sold part of his holdings for 576 BNB.
Overall, the trader successfully pocketed approximately $363,500 in profit and still holds 5.16 million tokens, currently valued at $832,834 spread across three wallets.
This incredible profit-making story has further fueled FOMO (Fear of Missing Out) among retail investors.
Looking at the technical indicators, the 30-minute price chart shows signs of recent consolidation after an aggressive rally.
The MACD indicates a bearish crossover, as the blue MACD line has crossed below the signal line. The bullish momentum may be cooling off, leading to a short-term pullback.
On the other hand, the Relative Strength Index (RSI) hovers around 40.67, indicating that the token is neither in overbought nor oversold territory. Moreover, the gradient of the line suggests sluggish momentum.
A similar incident took place with TST, a test token, which was created on the BNB Chain for an educational video. The video demonstrated how to launch a meme token using the Four.meme platform, a BNB-based launchpad.
While the token’s name wasn’t visible at first, viewers spotted the ticker symbol at the 1:18 mark, sparking immense interest, especially within the Chinese crypto community.
Following this, several influential key opinion leaders (KOLs) began promoting the token, further accelerating its adoption.
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.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.