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Binance Founder CZ Invests in a Memecoin for the First Time

#Binance founder and former CEO Changpeng Zhao (CZ) attracted attention by investing in a memecoin for the first time. #CZ made a big impact by purchasing the memecoin called Mubarak (MUBARAK) based on BNB Chain. This move provided a serious profit in the early period and started a new movement of the memecoin.

According to data from blockchain analysis platform Lookonchain, CZ’s wallet purchased 20,150 MUBARAK tokens for 1 $BNB (approximately $600) via PancakeSwap. The transaction took place yesterday at 13:53 (UTC). Not limited to this, CZ also purchased 9,161 tokens for 1 BNB for another memecoin, Test (TST).

This situation caused surprise as it contradicted CZ’s past statements. Having previously criticized the speculative nature of memecoins and stated that he only invested in projects with fundamental value, CZ was involved in discussions regarding the launch of the $TST token last month and announced that he had not purchased any memecoins at the time.

This investment by CZ increased the interest in MUBARAK and caused a huge increase in the price of the token. Its listing on Binance Alpha, one of Binance’s sub-platforms, further increased the interest in the token.

#MUBARAK was launched on #BNB Chain’s Four.Meme platform on March 14. The token, which had a market value of only $6,000 when it was first launched, grew rapidly thanks to CZ’s investment and the listing on Binance Alpha, reaching a market value of $135 million. In this period when interest in memecoins is increasing, MUBARAK has quickly become a favorite of investors.

MUBARAK’s rapid rise has created huge profit opportunities for early investors. According to Lookonchain’s analysis, an investor spent 8.55 BNB (about $4,947) to purchase 12.35 million MUBARAK tokens. With the price rising, the investor sold 2.35 million MUBARAK tokens for 125 BNB ($74,120).