BNB Chain's Latest Meme Coin, MUBARAK, Surges 100%+ Weekly, Boosted by CZ's Endorsement

A fresh memecoin, Mubarak, has initiated an intense trading spree on Binance Smart Chain, with Changpeng Zhao's endorsement and its recent debut on Binance Alpha acting as catalysts.

Memecoin trading on Binance Smart Chain (BNB) is witnessing a resurgence, courtesy of the newest addition to the memecoin family, Mubarak (MUBARAK). At the time of writing, MUBARAK is being traded at $0.16, marking a rise of approximately 106% over the past week, as per Coinmarketcap.

On the preceding day, MUBARAK momentarily clinched the top position on BNB Chain memecoin by market capitalization ranking, with its trading volume surpassing $180 million, as per Root Data. Despite relinquishing the top spot, MUBARAK continues to hold its ground in the top 5 BSC memecoins by market cap, with its market capitalization currently standing at $159 million.

The reason behind the surge in MUBARAK could be traced back to two primary factors. Firstly, MUBARAK was recently listed on Binance Alpha.

Secondly, Changpeng Zhao recently acquired 20,150 MUBARAK for 1BNB, which was valued at $600 at the time of the transaction. Today, Zhao also updated his profile picture on X to a photo of him donning traditional Arab attire.

However, Zhao played down his role in the token's rally, stating:

“People are giving me too much credit. I didn't possess any magic for any of the remarkable things happening. It's the builders who have been constructing for years. I am familiar with only a few Arabic words, but I am delighted that I may have 'inspired' millions of people to learn a few words, too.”

Regardless of whether Zhao's purchase directly instigated this rally or not, his investment into MUBARAK is still a significant development. Just recently, Zhao mentioned that he hadn't invested in memecoins when Test (TST) was experiencing a surge on BNB following its appearance in a tutorial video. This implies that MUBARAK could be his maiden memecoin investment, making it unsurprising that the token has witnessed such a massive pump after Zhao's purchase.

The upsurge in trading activity spurred by MUBARAK and other new tokens is a promising 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.”