Here’s How CZ’s Profile Picture Change Boosted Mubarak Meme Coin Price By 38%

Mubarak has been making waves in the crypto market since its launch, especially as investors connect it to former Binance CEO Changpeng Zhao. Amid all the rumors, one recent event has increased the odds as CZ changed his profile picture, resulting in a 38% surge in the Mubarak meme coin price.

CZ Influenced Mubarak Meme Coin Price By Profile Update

Changpeng Zhao is among the most influential personalities in the crypto industry and holds the power to influence investor sentiments. His one such activity pushed the famous Mubarak meme coin price by 38% today with a profile update.

Interestingly, such profile changes have affected various cryptocurrencies. It includes the incident when Elon Musk changed his profile to Kekius Maximus, boosting its price multiple folds.

In the case of Mubrabak, CZ updates his X profile picture by taking a Middle Eastern look with clothes and accessories similar to the token’s profile. Many investors took it as the confirmation of the deep underlying connection between the two, resulting in the surge from $0.13 to $0.18 within minutes and the market capitalization hitting $170M.

However, the surge did not last long, and the price declined immediately after that, currently trading at $0.1527 with a market capitalization of $152.74M.

Mubarak’s Sudden Surge: Coincidence or Correlation?

After analyzing Mubarak’s on-chain data and the surge in trading volume for the token, it is clear the Mubarak meme coin price increased as an after-effect of CZ’s profile change. As there were already rumors, especially as Binance listed the Mubarak token and Changpeng Zhao bought it, investors accepted the profile change as an acknowledgment of the connection. This resulted in increased network activity and a price surge.

Interestingly, this is an everyday event where investors opt for tokens that have a connection with industry leaders to benefit from the hype. The remaining follows the other in the Fear of Missing Out (FOMO) effect.

However, once the FOMO declined, the Mubarak price crashed significantly, revealing the unpredictability of the market. It also shows that the token’s worth depends on the hype.

Will Mubarak Price Continue to Rally?

Despite the CZ’s influenced surge, the Mubarak meme coin price has settled at $0.1527, bearing a 13.5% loss over the 24 hours. However, the weekly time frame gains remain maintained, showcasing a 98% price surge due to its bullish momentum.

Recent reports reveal that the token is in the overbuying zone, with the critical resistance lying at $0.2061. The failure to overcome this is resulting in the downtrends or retracements. More importantly, its critical support was $0.1710, which it had already surpassed, and the subsequent support is $0.1307.

If the token succeeds in bouncing off from this level, it can form an uptrend. However, if it fails to bounce, this would result in a further downtrend.

Conclusion

Despite all the hype, Changpeng Zhao and the token’s connection is unclear. However, it is certain that amid these rumors, the Mubarak meme coin price will continue to be affected. Interestingly, investors benefitted impressively from these events. One trader turned $232 Into $1.1 million with the hype.

At the same time, it could bring volatility, as the CZ’s news will drive the investor’s sentiments. For now, the key support is $0.1307, which would decide the token’s further trajectory.

The post Here’s How CZ’s Profile Picture Change Boosted Mubarak Meme Coin Price By 38% appeared first on CoinGape.