Mubarak Meme Coin Trader Turns $232 Into $1.1 Million, Here’s How
The Binance-based Mubarak meme coin has witnessed a massive surge in its trading activity over the past 24 hours, increasing by over 70%. Currently trading at $0.1905, Mubarak meme coin hit a market cap of $200 million within two days of its launch. Meanwhile, an early trader of the meme coin has managed to earn a 4,860x return, converting his $232 investment to a $1.1 million return. Mubarak Meme Coin Trader Mints Huge Profit Blockchain analytics platform LookonChain recently pointed out that a trader has achieved extraordinary profits from the newly launched BNB Chain-based meme coin, the Mubarak token. A savvy trader managed to turn an initial investment of just 0.4 BNB ($232) into over $1.1 million, achieving a staggering 4,860x return. The trader purchased 10.5 million $MUBARAK tokens for $232 and later sold part of the holdings for 576 BNB, worth approximately $363,500. Currently, the trader retains 5.16 million tokens, valued at $764,000, spread across three wallets. Source: LookonChainWhat’s Behind This New Meme Coin Frenzy The Mubarak meme coin has gained significant traction in the last two days following an investment by Binance founder Changpeng Zhao. This announcement was enough to garnet significant trader attention leading to a sharp rally in a very short time period. Furthermore, the listing of this meme coin on the Binance Alpha platform has led to a huge trading activity around it. Pseudonymous crypto analyst Thanos has expressed strong optimism about the token, describing it as a “no-brainer” investment at its current price levels. According to Thanos, the recent Binance Futures listing triggered a market shakeout, eliminating overleveraged long positions. With this correction behind, the analyst believes the token can continue its upward trajectory. BNB Price Rally to Continue? The launch of the MUBARAK meme coin on the BNB Chain has led to a huge surge in network activity thereby pushing the BNB price higher to the breakout resistance of $630. As a result of this, the decentralized exchange (DEX) volumes on the BNB chain have also skyrocketed. In a recent milestone, the daily trading volumes on the BNB chain also surpassed that of the popular Solana network. Over the last few months, the meme coin market has been shifting from Solana to Binance, as the latter sees a strong surge in address activity. Bhushan Akolkar Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.