CZ Influenced Mubarak Meme Coin Price By Profile Update

Changpeng Zhao is among the most influential personalities in the crypto industry and holds the power to influence investor sentiments.

Changpeng Zhao, the CEO of Binance, is among the most influential personalities in the crypto industry and has the power to affect investor sentiments. One such activity saw him push the famous Mubarak meme coin price by 38% today with a profile update.

CZ’s Profile Update Pushed Mubarak Token

Changpeng Zhao is known for his witty posts and activities on X, formerly known as Twitter. Among these, one recent event saw a surge in interest among the members of the crypto community. It includes an update to his profile picture, which had a Middle Eastern look with clothes and accessories similar to the token’s profile.

Many investors took it as the confirmation of the deep underlying connection between the two, resulting in the surge. Before the update, the token was trading at $0.13, but it surged to $0.18 within minutes. At the time of writing, the market capitalization had hit $170M.

However, the surge did not last long, and the price declined immediately after that, currently trading at $0.1527 with a market capitalization of $152.74M.

Mubarak’s Sudden Surge: Coincidence or Correlation?

Analyzing Mubarak’s on-chain data and the surge in trading volume for the token, it is clear the Mubarak meme coin price increased as an after-effect of CZ’s profile change. As there were already rumors, especially as Binance listed the Mubarak token and Changpeng Zhao bought it, investors accepted the profile change as an acknowledgment of the connection.

This resulted in increased network activity. At the same time, the token’s trading volume surged, and there was a 120% increase in the number of addresses holding the token.

Interestingly, this is an everyday event where investors opt for tokens that have a connection with industry leaders to benefit from the hype. The remaining follows the other in the Fear of Missing Out (FOMO) effect.

However, once the FOMO declined, the Mubarak price crashed significantly, revealing the unpredictability of the market. It also shows that the token’s worth depends on the hype.

Will Mubarak Price Continue to Rally?

Despite the CZ’s influenced surge, the Mubarak meme coin price has settled at $0.1527, bearing a 13.5% loss over the 24 hours. However, the weekly time frame gains remain maintained, showcasing a 98% price surge due to its bullish momentum.

Recent reports reveal that the token is in the overbuying zone, with the critical resistance lying at $0.2061. The failure to overcome this is resulting in the downtrends or retracements. More importantly, its critical support was $0.1710, which it had already surpassed, and the subsequent support is $0.1307.

If the token succeeds in bouncing off from this level, it can form an uptrend. However, if it fails to bounce, this would result in a further downtrend.

Conclusion

Despite all the hype, Changpeng Zhao and the token’s connection is unclear. However, it is certain that amid these rumors, the Mubarak meme coin price will continue to be affected. Interestingly, investors benefitted impressively from these events. One trader turned $232 Into $1.1 million with the hype.

At the same time, it could bring volatility, as the CZ’s news will drive the investor’s sentiments. For now, the key support is $0.1307, which would decide the token’s further trajectory.

1. Why did Mubarak's meme coin price surge?

Mubarak’s meme coin price surged after Binance CEO Changpeng Zhao changed his profile picture, which many investors took as an impression of the token’s mascot. This sparked rumors online, and as Binance had already listed the token, people began investing in it. Furthermore, Changpeng Zhao had previously bought the token, adding to the hype.

2. Did CZ actually confirm his involvement with Mubarak?

No, Changpeng Zhao did not confirm his connection with the token, and the rumors remain speculations. However, his actions, such as buying the token and now changing his profile to the mascot, have drastically affected the token's price.

3. What are Mubarak's key support and resistance levels?

Mubarak’s meme coin price is currently facing resistance at $0.2061, which it failed to break. At the same time, it is attempting to maintain support at $0.1307. If the price breaks through the critical support, it could continue to decline. However, if it bounces back from this level, it might form an uptrend.