The crypto market is reeling today after BUBB, a meme coin built atop the Binance Smart Chain (BSC), soared 1051% in 24 hours.
BUBB’s market capitalization hit an impressive $20.44 million, raising questions about its potential and the reason behind its dramatic surge.
Binance Co-founder Endorses BUBB Meme Coin
One major catalyst for BUBB’s value surge is Binance Co-founder Yi He’s interaction with the meme coin’s official account on X (formerly Twitter). By doing this, she effectively lent credibility to the project, inadvertently encouraging investors.
“The surge in the coin today is due to the interaction between Yi He and the official account BUBB account,” a popular user on X noted.
A popular user on X, Ai, echoed this statement, stating that because Yi He interacted with and followed the official Twitter account, BUBB’s market value exceeded $20 million. This involvement has sparked the interest of traders and speculators in BUBB because of Binance’s heft in the crypto industry.
Data on CoinGecko shows that the BUBB meme coin traded for $0.01762 at the time of this writing. This represents a surge of almost 310% in the last 24 hours.
The surge also ascribes to the listing of BUBB meme coins on many crypto exchanges, including BitMart and AscendEX. These new listings have significantly improved BUBB’s liquidity and accessibility, attracting more buyers and increasing trading volume.
This development, confirmed by BitMart’s official support page, indicates growing institutional recognition of BUBB’s potential.
Further, news of a trader who turned a paltry $304 investment into a whopping $482,000 has only fueled the BUBB meme coin frenzy. Based on on-chain data shared by Lookonchain, this trader had initially acquired 43.94 million BUBB tokens and sold 28.9 million for about $122,000.
They are reportedly still holding 15.64 million tokens valued at around $360,000. That notable 1586X return has added to the hype around BUBB, attracting more speculative traders hoping to recreate that kind of success.
“Turned $304 into $482K on $BUBB—a 1,586x return! This trader spent only $304 to buy 43.94M BUBB and sold 28.9M BUBB for $122K, leaving 15.64M BUBB ($360K),” Lookonchain reported.
BUBB Developers Still Hold Significant Supply
According to on-chain data, the developers behind BUBB still hold 2.87% of the total token supply. Reportedly, the developers invested only 0.31 BNB at the onset, raking in a profit of $580,000 so far. This represents a return rate of 3028X.
Most noteworthy specifically, they moved 10 million BUBB, or 1% of the total supply, to Changpeng Zhao’s public donation address. According to analyst Ai, this is a possible strategic maneuver to gain additional legitimacy.
“It bought 3.87% of the chips at a cost as low as $0.000004878 and transferred 10 million of them to CZ’s public donation address 27 hours ago (accounting for 1% of the total), and the rest has not been sold yet,” the analyst added.
Meanwhile, BUBB is leading the resurgence of the meme coin sector. On total transaction volume metrics, BUBB, running on the BNB chain, is leading, surpassing peers such as the Mubarak token.
Nevertheless, while BUBB’s surge is undeniably impressive, questions remain about its sustainability. The relatively low number of unique holders (6,099 addresses as of this writing) is concerning, showing that the coin’s ownership is still rather concentrated.
Moreover, the history of meme coins suggests that rapid gains often precede sharp corrections. However, supported by top key opinion leaders, growing exchange listings, and an active community, BUBB could become one of the leaders of the current meme coin chart movers.
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