The Mubarak memecoin on Binance Smart Chain (BSC) experienced a significant surge, rising by 747% in 24 hours, attributed to support from Binance founder Changpeng Zhao.
Reasons Behind Mubarak's Rise
Binance founder Changpeng Zhao's posts have significantly influenced the popularity of the Mubarak memecoin. After sharing a photo wearing traditional UAE attire and other supportive posts, the memecoin gained traction. Another contributing factor was the addition of Mubarak to Binance Alpha’s pool for potential listing evaluation.
Market Reaction to Mubarak
In just one day, Mubarak's market capitalization soared to $42 million, drawing the attention of investors and traders. However, the memecoin's high volatility poses substantial risk.
Potential Risks and Fake Tokens
Despite its success, there is a threat of scams. Mubarak is not listed on any centralized cryptocurrency exchanges, leading to the promotion of fake tokens on social media aimed at deceiving users.
Mubarak's rise gained significant attention due to Binance and Changpeng Zhao's activity. However, potential investors should be cautious due to the high volatility and risk of scams.
