Trader Profits from Newly Launched Memecoin

According to Onchain data, a small-scale trader who purchased a recently launched memecoin appears to have made quite the staggering profit.

As reported by Bitcoinsistemi.com, a memecoin called Mubarak was initiated as a humorous response to images shared by Binance founder Changpeng Zhao wearing traditional clothing from the United Arab Emirates. Zhao has also promoted the memecoin multiple times on his official X account, which helped the token’s market value surpass $40 million.

Finally, Binance Alpha, the pre-listing evaluation pool for altcoins by Binance, decided to add Mubarak to its collection.

Interestingly, Onchain data reveals that a cryptocurrency trader who bought 20.84 million Mubarak tokens for $1,153 just two days ago, before the token gained popularity, recorded a staggering profit of $568,000, yielding a 493 times return.

The wallet that sold 62% of its tokens before the significant rise holds an unrealized gain of $566,000 with 13 million tokens remaining at the time of writing, despite the early sale.

However, it should be noted that this altcoin, not yet listed on any centralized cryptocurrency exchange, is extremely risky and carries a significant risk of fraud.

This is not investment advice.