Amid the ongoing mild crypto recovery led by Bitcoin (BTC), the BNB ecosystem has recorded significant growth in on-chain transactions catalyzed by memecoin trading led by the recently launched Mubarak (MUBARAK). The notable support of the MUBARAK memecoin by the BNB community – led by Biannce co-founder Changpeng Zhao (CZ) – has helped maintain bullish sentiment.
Mubarak Fundamentals
The MUBARAK memecoin launched on March 13 following an X post by CZ. Launched on the Four Meme launchpad, Mubarak has also been incorporated as part of the Binance Alpha. As a result of the rising community support, the memecoin received $50k liquidity support from the BNB Chain Pool Support Program, thus growing its overall liquidity to more than $1 million.
With around 14k on-chain holders, Mubarak memecoin has also received significant support from CEXes listings, led by MEXC, Gate.io, and BingX.
Midterm Price Targets
The small-cap memecoin, with a fully diluted valuation of about $111 million and a 24-hour average trading volume of around $54 million, pumped more than 200 percent in the past 24 hours to trade about $0.112 on Monday, March 17, during the early London session.
Since its inception, MUBARAK price has been forming a rising trend, characterized by higher highs and higher lows. However, the rate of bullish growth has gradually declined, thus resulting in a rising wedge pattern in the four-hour time frame. Consequently, Mubarak price could soon enter a market correction phase, with the first major support level around $0.04.
