The new memecoin Mubarak (MUBARAK) has sparked a trading frenzy on Binance Smart Chain (BSC), driven by Changpeng Zhao’s (CZ) support and its recent listing on Binance Alpha. The token has experienced a 106% surge over the past week, trading at $0.16, according to CoinMarketCap.
MUBARAK’s Meteoric Rise
On March 18, MUBARAK briefly claimed the top spot among BSC memecoins by market capitalization, with its trading volume surpassing $180 million, according to Root Data. Although it has since dropped from first place, MUBARAK remains among the top five BSC memecoins, currently holding a market capitalization of $159 million.
Two key catalysts have fueled MUBARAK’s rally:
- Listing on Binance Alpha – The token’s availability on the Binance-affiliated platform has significantly boosted its exposure.
- CZ’s Endorsement – Changpeng Zhao purchased 20,150 MUBARAK for 1 BNB, valued at $600 at the time of purchase. Additionally, he changed his X (formerly Twitter) profile picture to one featuring him in traditional Arab attire, which further amplified market interest.
CZ Downplays His Influence
Despite the market excitement surrounding his purchase, Zhao downplayed his role in MUBARAK’s price surge, stating:
“People give me too much credit. I didn’t have any magic for any of the wonderful things happening. It’s builders building for years. I know only a handful of words in Arabic, but I am happy that I may have ‘inspired’ millions of people to learn a few words, too.”
This marks a notable shift in CZ’s stance on memecoins. Previously, he had avoided investing in memecoins, even when Test (TST) saw a major rally on BNB Chain following its appearance in a Binance tutorial video. His decision to buy MUBARAK suggests that it could be his first memecoin investment, a factor that likely contributed to the token’s explosive growth.
Impact on BNB Chain’s Ecosystem
The surge in trading activity surrounding MUBARAK is a positive development for BNB Chain, reinforcing its role as a hub for memecoin trading and liquidity growth. The sentiment was echoed by Harrison Seletsky during TST’s rally in February, when he stated:
“More memecoin trading would be a welcome addition to the BNB Chain ecosystem, attracting more users, increasing liquidity, and further engaging the existing community.”
MUBARAK’s rapid rise, fueled by Binance Alpha listing and CZ’s involvement, has strengthened memecoin trading activity on BNB Chain. While the token’s long-term trajectory remains uncertain, its growth highlights the continued influence of high-profile figures like CZ on the crypto market. Whether this surge is sustainable or a short-term hype cycle remains to be seen, but for now, MUBARAK has firmly established itself as a dominant player in the BSC memecoin space.
