The newly launched memecoin, Mubarak, has ignited a trading frenzy on the Binance Smart Chain, spurred by notable support from Changpeng Zhao and its recent appearance on Binance Alpha.
Activity in memecoin trading on Binance Smart Chain (BNB) is experiencing a resurgence, primarily due to the recent arrival of the memecoin Mubarak (MUBARAK). At the time of writing, MUBARAK is priced at $0.16, reflecting a remarkable increase of around 106% over the last week.
Just yesterday, MUBARAK momentarily secured the position of the leading memecoin on the BNB Chain by market capitalization, boasting a trading volume that surpassed $180 million. Though it has since lost this top ranking, MUBARAK continues to hold a strong position within the top five BSC memecoins by market cap, currently valued at $159 million.
The recent surge in MUBARAK’s value can largely be attributed to two key factors. Firstly, the memecoin was recently added to Binance Alpha.
Secondly, Changpeng Zhao made headlines by buying 20,150 MUBARAK for 1 BNB, an amount that was approximately $600 at the time of the transaction. Additionally, Zhao has updated his profile picture on X to feature him dressed in traditional Arab attire.
“People give me too much credit. I didn’t have any magic for any of the wonderful things happening. It’s builders building for years. I know only a handful of words in Arabic, but I’m glad that I may have ‘inspired’ millions to learn a few words, too.”
Whether Zhao’s investment directly caused the spike or not, his involvement with MUBARAK is a significant development. Previously, Zhao noted he hadn’t engaged with memecoins when Test (TST) was experiencing a rise following its tutorial video debut. This indicates that MUBARAK might be his first foray into memecoin investments, which could explain the substantial increase in the token’s value following his purchase.
The uptick in trading driven by MUBARAK and other fresh tokens is encouraging for the BNB Chain ecosystem. This sentiment was echoed recently, emphasizing that increased memecoin trading would greatly benefit the BNB Chain, attracting new users, enhancing liquidity, and further energizing the existing community.