Trader Earns $1.5M Profit in $MUBARAK in Four Days as CZ Purchases the Memecoin
A trader profited $1.5 million from a $2 BNB MUBARAK token investment, fueled by CZ's Binance involvement and listing on Binance Alpha, resulting in massive price surges and high trading volume.
An anonymous trader, identified by the wallet address (0x97015) invested 2 BNB four days ago to acquire 20.84 million MUBARAK tokens to earn a profit of $1.5 million.
However, the trader has already sold 7.84 million MUBARAK tokens for 4.7 BNB ($2,710), realizing a substantial profit. The remaining 13 million MUBARAK tokens currently held by the trader are valued at an impressive $1.5 million, representing a remarkable return on investment.
Trader Earns $1.5 Million Profits
The trader’s success is inextricably linked to the recent surge in MUBARAK’s price, a surge partially attributed to the involvement of Changpeng Zhao (CZ), the founder and CEO of Binance. Lookonchain revealed that CZ’s affiliated wallet purchased 600 USD worth of MUBARAK tokens (equivalent to 1 BNB) via PancakeSwap, acquiring 20,150 MUBARAK tokens.
This transaction, occurring yesterday at 10:53 UTC, follows CZ’s earlier acquisition of another memecoin, Test (TST), also on the BNB Chain. This is noteworthy, considering CZ’s previous public statements last month dismissing any involvement in memecoin purchases, emphasizing instead his focus on projects with robust fundamentals and real-world applications. This apparent shift in stance has, however, inadvertently propelled MUBARAK into the limelight.
MUBARAK’s listing on Binance Alpha, a subsidiary of Binance, further fueled its price appreciation. Launched on March 14th on BNB Chain’s Four. Meme platform, MUBARAK experienced a dramatic increase in market capitalization, soaring from an initial valuation of $6,000 to over $100 million.
Additionally, this rapid growth mirrors the success of other traders. Lookonchain also highlighted another trader who invested 8.55 BNB ($4,947) to acquire 12.35 million MUBARAK tokens, subsequently selling 2.35 million for 125 BNB ($74,120). This trader holds 10 million remaining MUBARAK tokens, currently worth about $452,000, yielding a profit exceeding $521,000.
$MUBARAK Price Action
Mubarak (MUBARAK) hit record highs of $0.1414 and lows of $0.02801. Currently, it trades 5.20% below its peak but a significant 378.55% above its trough according to CoinGecko data.
Furthermore, the twenty-four-hour trading volume for Mubarak (MUBARAK) reached $157,947,420, a surge of 273.70% compared to the previous day, indicating heightened market interest. For a comprehensive overview of high-volume cryptocurrencies, consult CoinGecko.
Mubarak (MUBARAK) boasts a fully diluted valuation (FDV) of $137,541,944. This figure represents the maximum potential market capitalization, assuming a total circulation of 1 billion MUBARAK tokens. However, depending on the token emission schedule, achieving this FDV could take several years.
Over the past seven days, Mubarak (MUBARAK)’s price remained unchanged (0.00% increase), underperforming the overall cryptocurrency market’s 5.80% growth but outperforming similar BNB Chain Ecosystem cryptocurrencies, which also saw 0.00% growth.
