Changpeng Zhao (CZ), the founder and former CEO of Binance, purchases the BNB Chain-based meme coin “Mubarak” (MUBARAK).
Leading blockchain analytics platform Lookonchain indexed the transaction yesterday, noting that the Binance founder purchased $600 worth of MUBARAK tokens, equivalent to 1 BNB. On-chain data shows that the blockchain wallet affiliated with CZ initiated the transaction yesterday at 10:53 (UTC) on PancakeSwap.
After swapping 1 BNB, the wallet received 20,150 MUBARAK tokens. Furthermore, Lookonchain also confirmed that CZ swapped another 1 BNB in exchange for 9,161 Test (TST), another meme coin on the BNB Chain.
CZ(@cz_binance) spent 1 $BNB($600) to buy $mubarak and 1 $BNB ($600) to buy $TST 30 mins ago.https://t.co/0QdzQYfn7A pic.twitter.com/yv6YPuAnXY
— Lookonchain (@lookonchain) March 16, 2025
First Meme Coin Purchase?
Given his initial stance about meme-based cryptocurrencies, CZ’s latest investments has come as a surprise to market observers.
Last month, following controversy over the launch of TST, he claimed he had never bought any meme coins. At the time, he emphasized his commitment to building solid fundamental projects with real-world use cases.
MUBARAK Soars
His recent investments in meme coins, particularly MUBARAK, drew investors’ attention to the token as its price surged tremendously. MUBARAK’s jaw-dropping surge was also influenced by its listing on Binance Alpha, a sub-unit of the leading crypto exchange.
For context, the Mubarak meme coin launched on BNB Chain’s Four.Meme platform on March 14. Its market debut occurred shortly after CZ reacted to a post about Mubarak.
Following Mubarak’s launch, CZ’s investment, and its subsequent listing on Binance Alpha, the price spiked massively, from a meager valuation of $6,000 at the time of its launch to a market cap of over $100 million.
Trader Secures $521,000 Profit on MUBARAK
Consequently, many early investors secured massive profits. For instance, Lookonchain recently highlighted how a trader raked in a profit of over $521,000 investing in MUBARAK.
According to the analytics platform, this trader spent about 8.55 BNB, worth $4,947, to purchase 12.35 million MUBARAK tokens. Amid its price surge, the trader swapped 2.35 million MUBARAK tokens for 125 BNB ($74,120). Lookonchain confirmed that the trader’s wallet still holds 10 million MUBARAK, worth around $452,000.
BNB Chain Outperforms Solana in DEX Trading Volume
In the meantime, MUBARAK is trading at $0.111 per token, with a $111.6 million market cap. Its trading volume has also skyrocketed to $80.6 million over the past 24 hours.
The development reflects a significant surge in trading activity on the BNB Chain. Notably, the blockchain has become the latest hub for meme coins, with top tokens like TST and MUBARAK attracting investor interest.
Data from DeFiLlama shows that the BNB Chain now ranks as the top-performing chain by DEX trading volume. The network has registered a trading volume of $1.64 billion over the past 24 hours, outpacing other competitors like Solana and Ethereum.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
