Mubarak (MUBARAK), a new meme coin that launched recently, continues to gain popularity after a trader made an impressive profit following his investment two weeks ago. According to data from Lookonchain, today, the trader scooped $760,000 profit after investing $2,861 in MUBARAK.
Trader made $760k profit from Mubarak
The trader’s investment journey started on March 13, when he spent $2,861 to purchase 6.14 million MUBARAK tokens at an average price of $0.00046 per coin. Due to a remarkable price surge over the past days, MUBARAK’s value rose massively. Today, the trader deposited all the tokens to Binance, making a $760,000 profit.
The trader’s move shows that savvy investors who acquired MUBARAK early are currently selling their tokens to cash out profit. While this move is healthy, it has a negative impact as it is likely to decrease Mubarak prices.
Mubarak price updates
The investor made remarkable returns despite the downward pressure facing MUBARAK lately. Following its launch on March 15, the meme coin was one of the top-performing assets in the crypto market, with its price rising as much as 350% after two days. This tremendous uptrend captured traders’ attention and prompted many to acquire the token in huge quantities.
However, the rally appears to have cooled down recently. Today, the asset’s price stands at $0.09602, after seeing a 38.2% decline over the past 24 hours. It is also down 23.7% over the past week, meaning the meme coin is currently in a correction trend.
Onchain indicators show that Mubarak is likely to experience further declines because of heightened selling pressures. The market sentiment around the asset seems bearish, suggesting that it could soon drop to lower support levels. One of the key on-chain indicators that point out this bearish trend is Open Interest (OI). Over the past 24 hours, OI on Mubarak fell by 27.39%, indicating short-term traders’ waning confidence in the asset.
Regardless of the pessimistic outlook from traders, long-term buyers appear to be capitalizing on the market dip. The asset’s transaction volume rose by 95.6% over yesterday, suggesting that the token is experiencing substantial outflows from exchanges. This means long-term holders are accumulating the asset, transferring their tokens away from exchanges, getting ready for a potential price rise.
