Changpeng Zhao (CZ), the Founder and Former CEO of Binance, Purchases the BNB Chain-Based Meme Coin “Mubarak” (MUBARAK)

By CoinMarketCap.com Updated March 17, 2025 at 1:13 a.m. PDT.

Changpeng Zhao, the founder and former CEO of Binance, has purchased the BNB Chain-based meme coin ‘Mubarak’ (MUBARAK).

According to blockchain analytics platform Lookonchain, the Binance founder bought $600 worth of the meme coin, or 1 BNB. On-chain data shows that the blockchain wallet is linked to CZ and made the transaction at 10:53 (UTC) on Thursday on PancakeSwap.

After swapping 1 BNB, the wallet received 20,150 MUBARAK tokens. Moreover, Lookonchain also confirmed that CZ swapped another 1 BNB in exchange for 9,161 Test (TST), another meme coin on the BNB Chain.

CZ(@cz_binance) spent 1 $BNB($600) to buy $mubarak and 1 $BNB ($600) to buy $TST 30 mins ago.https://t.co/0QdzQYfn7A pic.twitter.com/yv6YPuAnXY

— Lookonchain (@lookonchain) March 16, 2025

First Meme Coin Purchase?

Given his initial stance about meme-based cryptocurrencies, CZ’s latest investments has come as a surprise to market observers.

Last month, following controversy over the launch of TST, he claimed he had never bought any meme coins. At the time, he highlighted his interest in building solid fundamental projects with real-world use cases.

MUBARAK Soars

His recent investments in meme coins, especially MUBARAK, has attracted investors to the token as its price surged tremendously.

MUBARAK’s jaw-dropping surge was also fueled by its listing on Binance Alpha, a sub-unit of the leading crypto exchange.

For context, the Mubarak meme coin launched on BNB Chain’s Four.Meme platform on Tuesday. Its market debut came shortly after CZ reacted to a post about the meme coin.

Following Mubarak’s launch, CZ’s investment, and its subsequent listing on Binance Alpha, the price spiked massively, from a meager valuation of $6,000 at the time of its launch to a market cap of over $100 million.

Trader Secures $521,000 Profit on MUBARAK

Consequently, many early investors secured massive profits. For instance, Lookonchain recently highlighted how a trader reaped a profit of over $521,000 investing in MUBARAK.

According to the analytics platform, this trader spent about 8.55 BNB, worth $4,947, to purchase 12.35 million MUBARAK tokens. Amid its price surge, the trader swapped 2.35 million MUBARAK tokens for 125 BNB ($74,120). Lookonchain confirmed that the trader’s wallet still holds 10 million MUBARAK, which is valued at around $452,000.

BNB Chain Outperforms Solana in DEX Trading Volume

Meanwhile, MUBARAK is currently trading at $0.111, with a $111.6 million market cap. Its trading volume has also soared to $80.6 million over the past 24 hours.

The development highlights a significant surge in trading activity on the BNB Chain. Notably, the blockchain has become the latest hub for meme coins, with top tokens like TST and MUBARAK attracting investor interest.

Data from DeFiLlama shows that the BNB Chain is now the top-performing chain by DEX trading volume. The network has registered a trading volume of $1.64 billion over the past 24 hours, outpacing other competitors like Solana and Ethereum.