The Latest Memecoin Backed by CZ !

Mubarak (MUBARAK), a new memecoin recently launched on the BNB Chain, has defied the current bearish trend by recording a daily price surge of nearly 300%

The latest memecoin to launch on BNB Chain has seen its price skyrocket by nearly 300% in a single day, defying the current bearish trend in the crypto market.

Mubarak (MUBARAK), a memecoin launched recently on BNB Chain, has seen its price surge to $0.126 in the past 24 hours, data from Token Terminal showed. The token’s market capitalization now stands at around $120 million.

This surge could be partly attributed to Changpeng Zhao (CZ), the CEO of Binance, who is rumored to have joined the memecoin. According to blockchain tracker Lookonchain, CZ spent 1 BNB (about $600) to buy MUBARAK and the same amount to buy TST (another meme crypto created by the BNB Chain team) 30 mins ago.

CZ’s involvement with these tokens is surprising, considering one of his statements in February. At the time, Binance had listed TST, and the founder had claimed to have no connection to that decision and to have never purchased a “memecoin.”

CZ is one of the most influential figures in the crypto space. His interaction with these assets could create significant excitement, or even FOMO (Fear Of Missing Out) among other community members.

However, inexperienced traders must keep in mind that such rallies are often quickly followed by a substantial correction.

Another factor likely fueling MUBARAK’s rally is the support from Binance Alpha, an initiative aimed at supporting the launch and development of innovative projects, including memecoins, by providing liquidity, visibility, and potential listings on exchanges.

Lookonchain revealed a case of a trader who spent less than $5,000 to buy 12.35 million MUBARAK tokens a few days ago. Shortly after, he sold 2.35 million coins for 125 BNB (about $74,000) and kept 10 million MUBARAK tokens.

From a technical standpoint, Mubarak doesn’t seem to be stopping yet, even though it shows some signs of losing momentum. Indeed, the 1H RSI is starting to falter. Moreover, the Chaikin Money Flow, which indicates the proportion of incoming flows, is struggling to rise. This confirms the profit-taking by early buyers. But more importantly, the decrease in new participants.

Despite this, the memecoin Mubarak could aim for $0.20 in the short term. But after that, caution is advised, and monitoring indicators like CMF and RSI is essential.