Author: Techub Hot News
Compiled by: J1N, Techub News
Due to an oolong incident, the cryptocurrency circle has a new token TST with a market value of $100 million. The token was originally just a sample token in the BNB Chain teaching video, but it quickly became popular due to community hype, with a market value of over $500 million . Later, Binance even launched perpetual contracts and spot trading for the token.
In addition, Zhao Changpeng's repeated hesitation in the "test coin incident" also made many participants lament that his so-called dislike for Meme tokens "maybe he just doesn't like the Meme coins issued by others."
Cause of the incident: BNB Chain teaching video exposed TST
On February 6, the BNB Chain team released a tutorial video on " How to Create a Token ". In the video, the team used TST as the name of the sample token. It is worth noting that TST appears twice in the video (1:09 and 1:18), with only one frame each time. After the release of this video, it unexpectedly attracted market attention . Many KOLs in the Chinese community quickly traded and promoted the token, causing its market value to soar to US$500,000 in a short period of time .
After the incident, the BNB Chain team immediately deleted the video and destroyed the private key of the creator address used in the tutorial (the address holds 0.13% of TST ). However, the market hype about TST has begun, the price continues to rise, and the community sentiment is high.
Zhao Changpeng clarified: TST is not an official token and the Binance team does not hold it
In the face of the rapid popularity of TST tokens, Binance founder Zhao Changpeng tweeted several times to clarify, emphasizing that TST is just a test token in the teaching video, not the official token of BNB Chain, and has not been recognized by Binance or himself. He said that neither the Binance team nor he personally holds TST, and although he suggested that the team re-upload the tutorial video, this does not mean that he recognizes the token. At the same time, he pointed out that the memory of the Internet cannot be erased, and TST is just a test token, nothing more.
TST price surges, community hypes it up
Although Zhao Changpeng clarified that TST is only a sample token, the market enthusiasm remains unabated and the price of TST has skyrocketed:
February 6 : TST's market value hit around $20 million , then fell back to $18.3 million .
February 7 : TST’s market value exceeded US$40 million , reaching US$41.3 million .
February 8 : TST’s market value briefly exceeded US$100 million , with a 24-hour increase of more than 400% .
February 9 : TST’s market value exceeds US$500 million .
February 10 : With the launch of TST perpetual contracts on Binance, TST's market value fell to US$200 million, a 24-hour drop of 62%.
Zhao Changpeng once again clarified: TST belongs to the community, Binance does not hold it
As the price of TST skyrocketed, the community spontaneously established the TST official website and X account, and even used the Binance logo without authorization, causing some investors to mistakenly believe that the project was related to Binance. In response, Zhao Changpeng tweeted again to clarify , emphasizing that the TST website and X account were not created or managed by the Binance team, but operated by community members. He pointed out that the unauthorized use of the Binance logo was an infringement, and reiterated that he had never purchased or held TST, reminding investors to pay attention to the risks.
Binance officially launches TST trading pair, Zhao Changpeng claims he was unaware of it
After the market speculation reached its peak, Binance officially announced the launch of TST USDT and USDC spot trading pairs at 19:00 Hong Kong time on February 9; and the launch of TST U-based perpetual contract with a maximum leverage of 75 times at 21:00 on February 9 .
Changpeng Zhao : I was not aware of TST listing on Binance
Zhao Changpeng emphasized that the token was originally just a test token in a video tutorial and was not recognized by him or Binance. However, every time he posted a clarification, it accelerated the viral spread of TST, making it quickly become a popular meme token in the market.
Regarding the outside world's doubts about whether he has deviated from the fundamentals and turned to the Memecoin track, Zhao Changpeng directly denied it, saying that he has always been a developer focused on construction and fundamentals . He also reiterated that he has never bought any Memecoin, but this does not mean that he is against Meme culture, just like he does not collect sports cars, art or NFTs, but still supports the entire cryptocurrency industry.
Regarding how TST was listed on Binance, Zhao Changpeng said that he was not involved at all , and pointed out that there is competition among exchanges and that it is necessary to list popular tokens as soon as possible, especially assets with large trading volumes. If a token is sought after by a large number of traders, it will naturally be noticed by the exchange without the team's active promotion. He suggested that project parties focus on the product itself, rather than being obsessed with listing the coin .
As for why Memecoin is so popular, Zhao Changpeng believes that it may be related to regulatory policies, speculative culture and community drive. In the past few years, regulators have filed lawsuits against many utility tokens , causing the market to turn to Memecoin. In addition, speculators are more inclined to trade assets with greater volatility, and Memecoin's cultural attributes and strong community have further boosted its popularity.
Finally, Zhao Changpeng pointed out that there is still a lot of money waiting for investment in the market, and opportunities still exist. The key is to create products that people really need , rather than being swayed by market sentiment. At the same time, he reminded everyone to do a good job of risk management while enjoying Meme culture.
