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TST, a memecoin tested on the BNB Chain, experienced a significant price surge, reaching a market capitalization of over $52 million before settling to above $15 million. This volatility occurred within minutes following a post by Changpeng "CZ" Zhao, the founder and former CEO of Binance, on X, a social media platform formerly known as Twitter.
Zhao’s post highlighted a tutorial video produced by the BNB Chain team on how to launch memecoins using the Four.Meme platform, with TST featured as an example. The video inadvertently revealed TST’s name, which led to a flurry of unexpected trading activity, particularly among Chinese cryptocurrency influencers known as key opinion leaders (KOLs), who are influential in shaping market trends.
Following the spike in trading, the BNB Chain team removed the video and deleted the private key for the creator address, which held a minor portion, precisely 0.13%, of TST’s total supply.
Zhao commented on the situation, stating, "It is what it is. This is NOT an endorsement from me for the token," but also remarked, "Happy trading!" He also clarified that TST is not an official token of the BNB Chain and that neither Binance nor the BNB Chain team owns any of the memecoin.
The price of TST saw an extraordinary increase, spiking over 22,500% from its initial value. At its peak, TST’s price reached $0.0517, bringing its market cap to an estimated $52 million.
In related news, earlier in April 2023, Zhao resumed his involvement with Binance Labs, now known as YZi Labs, to actively participate in its investment activities. Zhao had previously served a four-month sentence in a U.S. prison on money laundering charges. YZi Labs, named after Binance co-founders Zhao and Yi He, is now operating as a "purely family office investment vehicle."
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