- TST token price jumped by more than 700% since its launch on Feb 7.
- Former Binance CEO CZ clarifies TST is not created by BNB Chain or Binance.
The crypto market is a sensitive environment where a single tweet from an industry official can make or break a crypto price. Particularly, memecoins are highly volatile and trade purely based on the hype around the token. The recently launched TST token is a perfect example of this scenario.
TST Token Price (Source: CoinMarketCap)
The TST Token starting price of around $0.1311 surged by more than 700% and it is currently trading at $0.1727. In the last 24 hours, it reached a peak of $0.5277 while the trading volume rose by 367%. Its market cap is $164 million at press time. The fact that the TST token achieved these milestones within just 4 days after the launch is noteworthy.
What is the TST Token Controversy With Binance?
Former Binance CEO CZ mentioned a test token in one of his video tutorials on Four.Pump platform. His intention was to explain the launching process of a memecoin and he took a test token (TST) as an example. However, the crypto community saw the video and started promoting TST token.
Within a short time, the Test token market cap surged past critical milestones in terms of market cap and price surge. The team even developed an official website and an X account, using the BNB Chain logo. CZ posted on X stating that TST was not created by the BNB Chain or by himself. But, instead of clarifying token creation, CZ’s mention of the token made it more viral.
But, Why Did Binance Listed TST Token?
Things got more interesting when Binance announced TST token listing on Feb 9. Binance announced the addition of 1000CHEEMS and TST token listing on Earn, Buy Crypto, Convert, Margin & Futures. Several community members and investors questioned CZ for Binance listing the Test memecoin.
CZ is known for his disinterest in memecoins. He even publicly shared that he doesn’t own any memecoins multiple times. Thus, people questioned why he launched TST memecoin on Binance, when he isn’t into memecoins and BNB Chain is not associated with its launch.
CZ again took it to X and noted a few clarifications saying he doesn’t endorse the Test token. Every post that is made to clarify the same is making it more viral. CZ is always a builder and will always focus on fundamentals, instead of creating memecoins. If you are wondering why Binance listed the TST token, CZ clarified that he is not involved in the listing process.
Crypto exchange list tokens that are popular among the traders with high trading volume. Thus, TST token listing on Binance is purely because of the token hype. Not because CZ or BNB Chain created, promoted, or endorsed it.
Furthermore, the former Binance CEO mentioned a few other points on why people are more interested in buying memecoins other than utility tokens. While regulatory bodies gave a hard time to utility tokens in the past few years, there won’t be much speculation around tokens with tangible value such as RWA tokens. Moreover, memecoins are fun, often involving a cultural thing around it.
Thus, the controversy around the TST token is further increasing the hype and causing its market price to surge. Nonetheless, it is a memecoin with no fundamentals or real utility. It will just be a matter of time until the coin joins the rest of the memecoins and sees its price dancing to the tune of its community.
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