Author: 0x9999in1, MetaEra

The crypto circle in March seems to be facing difficulties, as tightening liquidity and macroeconomic uncertainties have reduced investor confidence, leading to a generally pessimistic market consensus. Mainstream cryptocurrencies, led by BTC, are continuously oscillating sideways in search of new opportunities. However, on the BNB Chain, MEME coins led by Mubarak are stimulating the nerves of more investors.

CZ's Appeal: Always Outside, Always Present

Since his release from prison, although CZ is no longer the head of Binance and has shifted his personal focus to the educational project Giggle Academy, his "reputation in the community" still draws significant attention from crypto enthusiasts to his every move.

On the evening of March 12, Binance officially announced a substantial investment of up to $2 billion from the Abu Dhabi investment institution MGX (Mubadala G42 X). This marks the first time Binance has introduced institutional investment in its development history and sets a record for the largest single investment in the crypto industry to date.

For the well-funded Binance, the greatest significance of this investment lies in the strategic endorsement, resource support, and policy protection it brings from UAE sovereign capital.

Binance's official account posted a tweet on X featuring an image of a "wealthy editor" wearing a Middle Eastern-style headscarf, captioned with "Mubarak." The term "Mubarak" carries profound cultural and religious significance in Arabic, widely used in names, holiday greetings, and daily expressions to convey blessings and good wishes.

What was initially a simple act of "retweeting support" became a compelling call to action for on-chain investors, spurred by the captivating Middle Eastern anime image and CZ's succinct retweet, leading to a surge of "Mubarak"-related MEMEs being launched.

On March 15, Binance Alpha rapidly listed $Mubarak, and the next day, CZ spent 1 BNB to buy 9,161 $TST and 20,155 $Mubarak, later posting on Binance Square, seemingly in response, "Doing some testing over the weekend." This action directly propelled the hype surrounding the MEME coin $Mubarak to new heights.

Mubarak Data Performance: Quality MEME, Lacking Innovation

According to DefiLlama data from March 18, the net inflow of funds into the BNB Chain cross-chain bridge reached $8.37 million in the past 24 hours, surpassing Noble ($5.98 million) and Arbitrum ($2.75 million), ranking first among all public chains.

GMGN data shows that the highest trading volume MEME coin on the BNB Chain in the past 24 hours was $Mubarak, with a trading volume of $103 million, compared to only $24.8 million for the highest trading volume MEME coin on the Solana chain during the same period.

As market enthusiasm surged, $Mubarak reached a peak market capitalization of $220 million, easily breaking the $100 million market cap threshold, with a blue-chip index of 4.2%, showing excellent performance. However, Mubarak faces issues with insufficient liquidity depth, which may make it difficult for large holders to sell their positions without significantly impacting the price. The current market is continuously declining and requires new narrative developments to halt the drop. Compared to the booming $TRUMP, the market cap achieved by $Mubarak is negligible, but it is enough to draw market attention to the BNB Chain. The conventional MEME narrative structure also makes $Mubarak appear less distinctive, lacking underlying innovation.

Who is the Biggest Winner? Binance Wallet Takes the Lead

Although the popularity of the MEME coin $Mubarak stems from the investment by the Abu Dhabi investment institution MGX in Binance, at the same time, Binance made another move by launching a six-month zero-fee trading event for Binance Wallet.

On March 17, Binance announced that starting from March 17, 2025, at 16:00, it would launch a zero-fee trading event applicable to all trading pairs within Binance Wallet, lasting until September 17, 2025, at 16:00.

During the event, all transactions completed through the exchange and cross-chain bridge functions in Binance Wallet or the quick purchase feature of Binance Alpha will be exempt from trading fees, although users will still need to pay network gas fees. Additionally, transactions conducted through third-party dApps are not included in the event.

To this end, He Yi also called out online, "Teachers, give us a chance," clearly indicating that this is a crucial and timely opportunity for Binance Wallet to capture more market share. While other competitors are mired in pausing DEX services and lacking integration between wallets and exchanges, Binance Wallet is leveraging the resurgence of the BNB Chain MEME market and the explosive popularity of the MEME coin $Mubarak, with the official statement urging, "No time to explain, update Binance to the latest version first!"

Previously, in an interview, He Yi candidly stated, "We acknowledge that Binance started late in on-chain services. Over the past year, we have spent a lot of time recruiting talented individuals, rebuilding the wallet team, and reconstructing the system from the ground up. Although we are still in a 'clean water house,' the team has a clear plan for the future, aiming to gradually improve functionality based on user needs." The currently announced six-month "zero-fee" promotional policy is a significant move by Binance Wallet into the crypto wallet market.

Conclusion

"CZ is just a legend," perhaps to some extent describes CZ. After his return, he has his own work focus and a well-planned life, but he is always influencing the next steps of Binance. He can separate himself from Binance, but perhaps in everyone's heart, he has always been the legend of Binance. The emergence of $Mubarak, born from the standard MEME coin template, allows the Binance ecosystem's BNB Chain and Binance Wallet to create highlights that attract user attention from the complex crypto market. "Binance Moment" may become the next buzzword worth highlighting in the crypto circle.