Binance News: Mubarak Memecoin Rallies Over 100% in a Week on BNB Chain

A new memecoin named Mubarak has taken the cryptocurrency world by storm, experiencing a remarkable rally on the Binance Smart Chain. Here’s a closer look at this exciting development.

New Memecoin MUBARAK Rallies Over 100% in a Week on BNB Chain

The new memecoin Mubarak has sparked a trading frenzy on Binance Smart Chain, fueled by Changpeng Zhao’s support and its recent listing on Binance Alpha. As of press time, MUBARAK is trading for $0.16, up by about 106% over the past week. Yesterday, MUBARAK briefly claimed the top spot on BNB Chain memecoin by market capitalization ranking, with its trading volume exceeding $180 million. Although it has since ceded the top spot, MUBARAK remains firmly in the top 5 BSC memecoins by market cap, with its market capitalization currently at $159 million.

Binance Dominates CEX Outflows, Investors Shift To Long-Term Holdings

Binance has processed 46% of Ethereum (ETH) and 27% of Bitcoin (BTC) outflows from CEXs. According to CryptoQuant data, Binance had to process 2.96 million ETH of the 6.40 million in ETH withdrawn from CEXs and 136,000 BTC of the 496,000 in BTC sent off the platform. This makes Binance the biggest liquidity provider as per current market conditions. Asset withdrawals by investors can be attributed to long-term holding strategies such as decentralized finance (DeFi), staking, and cold storage solutions. The surge of outflows indicates that institutions are very active and gaining confidence in making large transfers through Binance.