According to cryptocurrency analysis firm LookOnChain, a trader turned a mere $232 into more than $1.1 million. The trader’s investment increased by a massive 474,031%, or 4860x. According to LookOnChain, the trader spent 0.4 BNB, worth $232, to buy 10.5 million MUBARAK tokens. The trader sold a part of their holdings for 576 BNB, worth $363.5K. The trader still has 5.16 million MUBARAK tokens worth $764K across three wallets.
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What Is The $Mubarak Cryptocurrency?
Mubarak (MUBARAK) is a Binance Chain-based cryptocurrency that has experienced a substantial price rise over the last few days. Binance founder Changpeng Zhao (CZ) also purchased $600 worth of MUBARAK on Mar. 16. The Binance founder may have made quite a return on his investment.
The MUBARAK cryptocurrency was launched on Binance’s Four.Meme platform on Mar. 14. Four.Meme is Binance’s version of Pump.Fun.
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The cryptocurrency hit an all-time high of $0.2112 on Mar. 18. Since its peak, the coin has faced quite a significant correction. MUBARAK’s price is down by 37.7% from its peak. The coin has dipped by 27.1% in the last 24 hours.
Should You Invest In Such Crypto Assets?
There are several new cryptocurrency assets launched every day. Many coins rally in their first few days after launch, before facing a correction. Many of these coins also don’t have real-world utility. Their price spikes are solely investor hopes of making a quick buck.
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MUBARAK could end up rallying and entering the top 100 projects. Investors should always exercise caution while investing in unknown projects. Market participants should do proper research before investing their hard-earned money into new cryptocurrency projects.