Trader Profit $1.5M as $MUBARAK Surged by 176%
A trader has secured a massive profit of over $1.5 million in just four days by investing in the MUBARAK meme coin, which surged by 176% after its launch. The trader invested 2 BNB ($1,155) to purchase 20.84M $MUBARAK tokens and later sold 7.84M tokens for 4.7 BNB ($2,710). The trader's remaining holdings of 13M $MUBARAK are currently worth $1.5 million.
A trader amassed over $1.5 million in profits within four days by shrewdly investing in the MUBARAK memecoin, capitalizing on a 176% price surge. Blockchain analytics firm Lookonchain attributes this success to precisely timed buying and selling.
Moreover, the trader initially invested 2 BNB (approximately $1,155), acquiring 20.84 million MUBARAK tokens. Subsequently, 7.84 million MUBARAK tokens were sold for 4.7 BNB ($2,710), leaving the trader with 13 million MUBARAK tokens currently valued at $1.5 million.
$MUBARAK Remarkable Surge After Launch
MUBARAK, a token launched via Binance Alpha’s Four Meme Launchpad, has quickly become a leading performer on the BNB Smart Chain, mirroring the broader cryptocurrency market’s recent resurgence.
This success is largely due to strong backing from the BNB community and a significant endorsement from Binance co-founder Changpeng Zhao (CZ), which has inspired considerable investor confidence.
Blockchain analytics firm Lookonchain reveals that CZ acquired $600 worth of MUBARAK (equivalent to 1 BNB) on PancakeSwap yesterday at 10:53 UTC, receiving 20,150 MUBARAK tokens in return. He also exchanged 1 BNB for 9,161 Test (TST) tokens, another meme coin on the BNB Chain.
The listing of MUBARAK on Binance Alpha, a sub-unit of the leading crypto exchange, further fueled the token’s growth. As a result, MUBARAK’s market capitalization ballooned from a modest $6,000 at launch to over $100 million.
MUBARAK’s explosive growth serves as a testament to the significant impact that prominent figures and exchange listings can have on a cryptocurrency’s value.
CZ’s Memecoin Purchase Raises Eyebrows
Binance CEO Changpeng Zhao (CZ) has surprisingly purchased meme coins for the first time, defying his previously expressed skepticism.
This move contradicts his statement from last month, made following the contentious Test (TST) launch, where he declared he had never invested in meme coins and emphasized his commitment to fundamentally sound projects with practical applications..
CZ’s unexpected investment in Mubarak (MUBARAK) and Test (TST) meme coins has left many wondering about the motivations behind this change of heart.
The BNB Chain has witnessed a remarkable surge in trading activity, driven largely by the popularity of meme coins like MUBARAK and TST. According to DeFiLlama, the blockchain has emerged as the top-performing chain by DEX trading volume, outpacing competitors like Solana and Ethereum. The BNB Chain’s 24-hour DEX trading volume is $1.64 billion and MUBARAK’s current price at $0.111 per token with a $111.6 million market cap.
