Binance Founder CZ Invests in Meme Coins, Surprising Market

Binance Founder CZ Invests in Meme Coin, MUBARAK Price Soars

Binance Founder CZ– Recently, Binance’s founder, Changpeng Zhao (CZ), made a significant move in the meme coin market, surprising many investors. According to blockchain analytics platform Lookonchain, CZ’s blockchain wallet conducted a purchase of $600 worth of MUBARAK tokens (about 1 BNB) on PancakeSwap. The transaction occurred at 10:53 UTC, resulting in CZ’s wallet receiving 20,150 MUBARAK tokens.

This investment has caught the attention of the crypto community, as CZ previously made a statement last month claiming that he had never purchased meme coins. He had emphasized his focus on supporting projects with solid fundamentals and real-world use cases. His recent involvement with meme coins like MUBARAK and Test (TST) contradicts this previous stance.

MUBARAK’s Price Surge After CZ’s Investment

Following CZ’s purchase, MUBARAK saw an explosive price increase, which was also bolstered by its listing on Binance Alpha, the sub-unit of Binance. The token’s price skyrocketed from just $6,000 at its launch to over $100 million in market capitalization. This surge captured the attention of investors, leading to a flood of trading activity.

A Massive Profit for Early Investors

Lookonchain also reported a substantial profit made by an early investor in MUBARAK. The trader invested approximately $4,947 (8.55 BNB) to buy 12.35 million MUBARAK tokens. After the price surge, the trader sold 2.35 million MUBARAK for 125 BNB ($74,120), and still holds around $452,000 worth of MUBARAK tokens.

BNB Chain’s Rise in DEX Trading Volume

In addition to MUBARAK’s performance, BNB Chain has surpassed Solana in decentralized exchange (DEX) trading volume. Data from DeFiLlama shows that BNB Chain has achieved $1.64 billion in trading volume over the past 24 hours, outpacing Solana and Ethereum.

As meme coins gain traction and BNB Chain leads the DEX trading volume, the attention towards tokens like MUBARAK continues to grow.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.