A lucky trader has turned a mere $232 into a massive $1.1 million profit with the Binance-based Mubarak meme coin, achieving an incredible 4,860x return. The token, launched just two days ago, has already surged by 70% today, hitting $0.20 and pushing its market cap to $200 million.
According to the blockchain analytics platform LookonChain, the trader purchased 10.5 million $MUBARAK tokens for 0.4 BNB ($232) at first. The trader has 5.16 million tokens in three wallets and sold a part of it for 576 BNB ($363,500) to maintain the position.
The Mubarak token skyrocketed after Binance’s Changpeng Zhao invested in it, and the token became very popular among traders. This was after it got listed on Binance Alpha, which created more hype and increased trading volumes. Crypto analyst Thanos described it as an investment that is easy to make, referring to it as a no-brainer.
The hype around $MUBARAK has also affected the BNB Chain positively as its price rises to $634 and even surpasses Solana in daily DEX trading volumes. As meme coins move from Solana to Binance, BNB’s price may well continue to rise as more people get in.
The Mubarak meme coin’s explosive rise highlights the power of timely investments and hype-driven markets. As Binance gains traction, BNB’s price could continue to climb. With growing interest in meme coins, traders may find more opportunities for significant gains.
Also Read: Will BNB Price Reach $750 with Binance Getting Billions from Saudi?
