MUBARAK hype fades as memecoin plunges 40% in a day, nearing launch price

Mubarak’s post-listing rally has come to a halt, with the memecoin back at its launch price level.

Mubarak (MUBARAK) has plunged 40% to $0.08 in the past 24 hours, wiping out gains from CZ’s support, according to CoinMarketcap.

MUBARAK memecoin, launched on March 13 on the Four.meme platform on Binance Smart Chain (BNB), initially surged after CZ purchased 20,150 MUBARAK for 1 BNB (valued at $600 at the time) on March 16. His purchase drove the price from $0.07 to $0.17, where it closed the next day on March 17. On March 18, MUBARAK reached an all-time high of $0.21, still buoyed by Zhao’s support — although CZ downplayed his role on the memecoin’s rally.

On March 20, Binance announced MUBARAK as part of the first batch of tokens in its “Vote to List” campaign. However, the token failed to capitalize on the news, closing the day lower, at $0.1287, than its opening price at $0.1361.

Another brief rally came on March 23 when Zhao longed MUBARAK perpetuals on APX Finance, using 0.04 BNB as collateral. Despite the trade being just a test to check for MEV issues, the move briefly boosted MUBARAK’s price from $0.12 to $0.15 by the day’s close.

Despite these catalysts, MUBARAK has now erased all post-listening gains, currently trading at $0.08, down 60% from its all-time high of $0.21 and nearing its launch price of around $0.07.