The sudden surge and subsequent crash of the TST memecoin on the BNB Chain created a buzz in the crypto market. This behavior is linked to a post on the X platform.
Sharp Rise and Fall of TST
The TST token on the BNB Chain unexpectedly reached a market cap over $52 million before plummeting to $15 million in minutes. This incident gained attention after a post by Changpeng Zhao, founder of Binance.
BNB Chain and Changpeng Zhao's Response
Zhao's statement clarified that a tutorial video showcased the creation of memecoins using the Four.Meme platform with TST as an example. The video was soon removed, along with the private key managing 0.13% of TST tokens. Zhao emphasized that the video does not endorse the token.
Zhao's Return to Investments
The event occurred as Changpeng Zhao reengaged with Binance Labs, rebranded as YZi Labs. The firm manages projects worth $10 billion, investing in several blockchain companies.
These events illustrate how the crypto market is sensitive to speculation and how participants' reactions can lead to significant price swings in assets.
