- BNB Chain DEX trading volume surpassed Solana with Mubarak memecoin hype.
- Binance founder CZ started investing in memecoins with MUBARAK and TST purchases.
Binance Smart Chain (BSC) DEX trading volume surpasses Solana today. This remarkable record is led by the new memecoin MUBARAK hype. Mubarak memecoin has been making waves in the industry with its incredible price surge of over 300% in the last 24 hours.
As per DefiLama, BSC climbed up to the top position in terms of DEX trading volume. It recorded a 13.27% surge in its weekly trading volume, standing at $1.637 billion. On the other hand, Solana’s trading volume is $1.077 billion, which has dropped by 28.88% in the last week. This significant surge in BSC DEX volume is garnering attention across the industry.
CZ Enters Memecoin Investment With MUBARAK Purchase
Binance co-founder and former CEO CZ expressed his disinterest in memecoin investment several times. However, CZ has come a long way from commenting on memecoins as “weird” to making a memecoin investment himself. As per several recent reports, CZ reportedly purchased two memecoins – MUBARAK and TST.
On-chain tracker Loon on chain found out about CZ’s investment yesterday. It posted that CZ spent 1 BNB to buy 20,150 MUBARAK tokens and another 1 BNB to buy 9,161 TST tokens. The crypto leader who said he has never invested in any memecoin is now a memecoin holder.
MUBARAK is a new memecoin launched on BNB Chain a few days ago. The token is spreading waves across DEX space, and it is behind the surge of BNB Chain and PancakeSwap. It is trading at $0.1342, at press time, and surged 329.95% in the last 24 hours. TST is another memecoin that skyrocketed in February following its controversy with Binance.
Another major reason behind the MUBARAK token’s hype is it is backed by Abu Dhabi’s $2 billion investment in Binance by MGX. As per CZ’s earlier post, this is one of the first institutional investments in the Binance exchange. After this announcement, the MUBARAK token was created and CZ mentioned the memecoins multiple times on his X posts.
CZ has finally entered the memecoin market. And, BSC Chain became the top DEX platform by trading volume due to Mubarak memecoin. However, once the hype around the memecoin subsides, it might crash similar to many other memecoins.
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