MUBARAK Hype Fades as Memecoin Drops 40% in a Day, Approaching Launch Price

The hype surrounding Mubarak (MUBARAK), the memecoin launched on March 13 on the Four.meme platform, has significantly faded as the token plunged by 40% within the past 24 hours, dropping to $0.08. This decline has wiped out the gains it initially experienced after prominent figures, including Binance CEO Changpeng Zhao (CZ), supported the coin.

Mubarak’s post-listing surge was driven by CZ’s purchase of 20,150 MUBARAK for 1 BNB, valued at $600 at the time, which occurred on March 16. This purchase caused the price to jump from $0.07 to $0.17 by March 17, with a further rise to an all-time high of $0.21 on March 18. However, despite this strong start, CZ distanced himself from the rally, downplaying his influence on the price movement.

Further developments, such as Binance’s announcement on March 20 that MUBARAK was part of the initial batch of tokens for its “Vote to List” campaign, failed to sustain the momentum. Despite the listing opportunity, the coin ended the day lower than its opening price. On March 23, another brief price spike occurred when CZ used 0.04 BNB to long MUBARAK perpetuals on APX Finance, temporarily driving the price up from $0.12 to $0.15, though the trade was merely a test to check for issues.

Now, despite multiple catalysts, MUBARAK has experienced a significant pullback, trading at $0.08, which is 60% below its all-time high of $0.21 and approaching its original launch price of $0.07. The memecoin’s failure to maintain its initial hype has left many investors questioning its long-term viability.