Mubarak Coin Drops 40% Following Binance Listing Announcement
Mubarak (MUBARAK), a meme coin launched on the BSC-based Four.meme launchpad, dropped 40% following its listing announcement on Binance. It is currently trading at $0.094 with a market cap reduced from approximately $155 million to $94 million within 12 hours. Trading volume surged to $312 million.
- Mubarak has declined 58% from its all-time high of $0.215 on March 18.
- The price drop was partly due to selling pressure from large holders.
- One trader sold 6.14 million MUBARAK tokens for a profit of around $760K after an initial investment of $2,861.
- Another trader who spent $1.29 million on 10.28 million MUBARAK tokens recorded a loss of nearly $300,000 after depositing to Binance.
Market Context
Mubarak's performance contrasts with other meme coins like Shiba Inu, which saw significant increases post-Binance listing. Factors affecting Mubarak include:
- Focus on short-term profits by some investors.
- Bearish market sentiment and concerns about a potential bear market.
- The overall meme coin market remains valued over $52 billion.
For upward momentum, Mubarak needs to surpass the $0.15 psychological barrier.