Mubarak (MUBARAK), a new meme coin that launched recently, continues to gain popularity

This trader spent $2,861 to buy 6.14M $MUBARAK on March 13 and deposited it to #Binance 7 hours ago, making a ~$760K profit.

A trader who invested $2,861 in the new meme coin, MUBARAK (MUBARAK), two weeks ago is now scooping $760,000 in profit, according to Lookonchain.

This trader bought 6.14M $MUBARAK for $2,861 on March 13 and deposited it to #Binance 7 hours ago, making a ~$760K profit.

But at its peak, the 6.14M $MUBARAK was worth $1.3M—meaning he missed out on ~$540K in additional gains.

The trader began his investment journey on March 13, purchasing 6.14 million MUBARAK tokens at an average price of $0.00046 per coin for a total investment of $2,861. As the meme coin experienced a remarkable price surge over the past days, notably due to a 38.2% surge in the past 24 hours, the trader’s profit grew massively. Today, March 28, he decided to deposit all the tokens to Binance, realising a whopping $760,000 in profit.

This move showcases that savvy investors who acquired MUBARAK early are currently selling their tokens to cash out profit. While this move is healthy, it has a negative impact as it is likely to decrease the asset’s price further.

The investor’s profit comes despite the downward pressure facing MUBARAK lately. Following its launch on March 15, the meme coin was one of the top-performing assets in the crypto market, with its price rising as much as 350% after two days. This tremendous uptrend captured traders’ attention and prompted many to acquire the token in huge quantities.

However, the rally appears to have cooled down recently. Today, the asset’s price stands at $0.09602, after seeing a 38.2% decline over the past 24 hours. It is also down 23.7% over the past week, meaning the meme coin is currently in a correction trend.

According to onchain indicators, this trend is likely to continue, with the asset’s price expected to drop to lower support levels. One of the key on-chain indicators that point out this bearish trend is Open Interest (OI). Over the past 24 hours, OI on the asset fell by 27.39%, indicating that short-term traders’ confidence in the asset is waning.

Despite the pessimistic outlook from traders, long-term buyers appear to be capitalizing on the market dip, evident in the surge in transaction volume. Over the past 24 hours, the asset’s transaction volume rose by 95.6% over yesterday, suggesting that the token is experiencing substantial outflows from exchanges. This means long-term holders are accumulating the asset, transferring their tokens away from exchanges, and getting ready for a potential price rise.