According to Onchain data, a small-scale trader who purchased a recently launched memecoin appears to have made quite the staggering profit.
As we reported at Bitcoinsistemi.com, a memecoin called Mubarak was launched as a humorous approach to the subject after photos shared by Binance founder Changpeng Zhao wearing local United Arab Emirates clothing. Zhao also shared the memecoin in question several times from his official X account, causing the market value of the token to exceed $40 million.
Finally, Binance Alpha, Binance’s pre-listing altcoin evaluation pool, has decided to add Mubarak to this pool.
Interestingly, according to Onchain data, a cryptocurrency trader who bought 20.84 million Mubarak tokens for $1,153 two days ago, when the token was not yet so popular, earned a total of $568,000, meaning a profit of 493 times.
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The wallet, which sold 62% of its tokens before the serious rise, has an unrealized gain of $566,000 with 13 million tokens at the time of writing, despite this early sale.
However, it should be noted that this altcoin, which is not yet listed on any centralized cryptocurrency exchange, is extremely risky and carries a great danger in terms of fraud.
*This is not investment advice.