Following a few humorous posts by Binance founder Changpeng Zhao and Binance's move, the price and total market value of an altcoin called Mubarak experienced an incredible increase.
Mubarak, a memecoin on Binance Smart Chain (BSC), has seen an impressive 747% increase in the past 24 hours, pushing its total market cap to $42 million.
The memecoin in question became popular after Binance founder Zhao shared a photo with a local United Arab Emirates outfit, and Zhao seems to be supporting the trend with his posts.
One of the major reasons behind the token’s rise was its addition to Binance Alpha, a pool of altcoins to be evaluated for listing by Binance.
However, the token is likely to be very volatile and should be used with caution. The token is not currently listed on any centralized cryptocurrency exchange. Therefore, fake tokens are also being promoted for fraudulent purposes, especially on social media platforms.
The Test (TST) token, which Zhao introduced a while ago and said was for testing purposes only, and is also listed on Binance, has fallen 88% from its all-time high price level and currently has a market value of $59 million.
*This is not investment advice.
