The new memecoin Mubarak has sparked a trading frenzy on Binance Smart Chain, fueled by Changpeng Zhao’s support and its recent listing on Binance Alpha.
Memecoin trading on Binance Smart Chain (BNB) is enjoying a revival, thanks to the recent addition of the new memecoin Mubarak (MUBARAK). As of press time, MUBARAK is trading for $0.16, up by about 106% over the past week, according to Coinmarketcap.
Yesterday, MUBARAK briefly claimed the the top spot on BNB Chain memecoin by market capitalization ranking, with its trading volume exceeding $180 million, as reported by Root Data. Although it has since ceded the top spot, MUBARAK remains firmly in the top 5 BSC memecoins by market cap, with its market capitalization currently at $159 million.
The rally in MUBARAK could be attributed to two main catalysts. First, MUBARAK was recently listed on Binance Alpha.
Secondly, Changpeng Zhao recently purchased 20,150 MUBARAK for 1BNB, which was valued at $600 at the time of the transaction. Today, Zhao also changed his profile picture on X to a photo of him wearing traditional Arab dress.
However, Zhao downplayed his role in the token’s rally, stating:
“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 am happy that I may have “inspired” millions of people to learn a few words, too.”
Whether Zhao’s purchase directly fueled this rally or not, his investment into MUBARAK is still a noteworthy development. Just recently, Zhao stated that he hadn’t invested in memecoins when Test (TST) was pumping on BNB following its appearance in a tutorial video. This suggests that MUBARAK could be his first memecoin investment, making it no surprise that the token has seen such a massive pump after Zhao’s purchase.
The surge in trading activity driven by MUBARAK and other new tokens is a positive development for BNB Chain, a sentiment that was echoed by Harrison Seletsky during the TST’s rally in February, stating that “More memecoin trading would be a welcome addition to the BNB Chain ecosystem, attracting more users, increasing liquidity, and further engaging the existing community.”
