Changpeng Zhao (CZ), the founder and former CEO of Binance, has made headlines by investing in a memecoin for the first time. His decision to purchase Mubarak (MUBARAK), a BNB Chain-based memecoin, has created a buzz in the crypto space, fueling speculation and price surges.
Unexpected Move: CZ Buys Memecoins
According to blockchain analytics platform Lookonchain, CZ’s wallet executed a transaction on PancakeSwap, purchasing 20,150 MUBARAK tokens for 1 BNB (approximately $600). This transaction took place at 13:53 (UTC+3) yesterday. In addition to this, CZ also acquired 9,161 units of another memecoin, Test (TST), for an equivalent amount.
This move has taken many by surprise, considering CZ’s previous stance on memecoins. He has often criticized their speculative nature and emphasized his preference for projects with intrinsic value. Just last month, CZ addressed discussions about the TST token, stating that he had not purchased any memecoins at the time.
MUBARAK Token Surges After CZ’s Investment
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CZ’s entry into MUBARAK significantly boosted its visibility, leading to a sharp price increase. The token’s recent listing on Binance’s subsidiary platform, Binance Alpha, further amplified investor interest.
MUBARAK was launched on March 14 on the BNB Chain’s Four.Meme platform. Initially valued at just $6,000, the token skyrocketed to a market capitalization of $135 million following CZ’s investment and Binance Alpha’s listing. This surge highlights the growing investor appetite for memecoins, making MUBARAK one of the fastest-growing assets in the sector.
Investor Secures $521,000 Profit from MUBARAK Surge
MUBARAK’s meteoric rise has yielded significant profits for early investors. According to Lookonchain, one investor purchased 12.35 million MUBARAK tokens for 8.55 BNB (around $4,947). As the price surged, they sold 2.35 million tokens for 125 BNB ($74,120), securing a substantial profit.
The investor still holds 10 million MUBARAK tokens, now valued at approximately $452,000. This event has intensified interest in BNB Chain-based memecoins and driven decentralized exchange (DEX) trading volumes to new highs.
As the memecoin sector continues to evolve, The Bit Journal will provide in-depth analysis and insights into emerging trends shaping the crypto market.
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