Author: Techub Hotspot Express
Compiled by: J1N, Techub News
Due to a mix-up, the crypto world has gained a token, TST, with a market cap of 100 million dollars. This token was originally just a sample token in a BNB Chain tutorial video but quickly gained popularity due to community speculation, with its market cap once exceeding 500 million dollars. Subsequently, Binance even launched perpetual contracts and spot trading for this token.
Additionally, Zhao Changpeng's hesitant attitude during the "test coin incident" has led many participants to reflect on his so-called dislike for meme tokens, suggesting he may just dislike meme coins created by others.
Cause of the Incident: BNB Chain Tutorial Video Exposes TST
On February 6, the BNB Chain team released a tutorial video titled "How to Create a Token." In the video, the team used TST as the example token name. Notably, TST appeared twice in the video (at 1:09 and 1:18), each time for only one frame. After the video was released, it unexpectedly attracted market attention, with many KOLs in the Chinese community quickly trading and promoting the token, causing its market cap to soar to 500,000 dollars in a short 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 (which held 0.13% of TST). However, the market speculation around TST had already begun, with prices continuing to rise and community sentiment high.
Zhao Changpeng Clarifies: TST is Not an Official Token, Binance Team Does Not Hold It
In response to the rapid rise of the TST token, Binance founder Zhao Changpeng tweeted multiple times to clarify, emphasizing that TST is merely a test token from the tutorial video and not an official token of BNB Chain, nor has it been endorsed by Binance or himself. He stated that neither the Binance team nor he personally holds TST, and while he suggested the team re-upload the tutorial video, this does not imply his endorsement of the token. He also pointed out that the internet's memory cannot be erased, and TST is just a test token, nothing more.
TST Price Soars, Community Engages in Frenzied Speculation
Despite Zhao Changpeng's clarification that TST is only an example token, market enthusiasm did not wane, and TST's price skyrocketed:
February 6: TST's market cap reached around 20 million dollars, then fell back to 18.3 million dollars.
February 7: TST's market cap surpassed 40 million dollars, reaching 41.3 million dollars.
February 8: TST's market cap briefly exceeded 100 million dollars, with a 24-hour increase of over 400%.
February 9: TST's market cap surpassed 500 million dollars.
February 10: With Binance launching TST perpetual contracts, TST's market cap dropped to 200 million dollars, a 24-hour decline of 62%.
Zhao Changpeng Reiterates: TST Belongs to the Community, Binance Does Not Hold It
As TST's price surged, the community spontaneously established a TST official website and X account, even using the Binance logo without authorization, leading some investors to mistakenly believe the project was related to Binance. In response, Zhao Changpeng again tweeted to clarify that the TST website and X account were neither created nor managed by the Binance team, but operated by community members. He pointed out that unauthorized use of the Binance logo constitutes infringement and reiterated that he has never purchased or held TST, warning investors to be aware of the risks.
Binance Officially Launches TST Trading Pairs, Zhao Changpeng Claims Unawareness
As market speculation peaked, Binance officially announced the launch of TST USDT and USDC spot trading pairs at 19:00 Hong Kong time on February 9 here; and at 21:00 on February 9, launched TST U-based perpetual contracts with up to 75x leverage here.**
Zhao Changpeng: Unaware of TST's Listing on Binance
Zhao Changpeng emphasized that the token was initially just a test token in a tutorial video and has not been endorsed by him or Binance. However, each time he clarified, it seemed to accelerate TST's viral spread, quickly making it a popular meme token in the market.
Regarding external doubts about whether he has deviated from fundamentals to enter the memecoin space, Zhao Changpeng directly denied this, stating that he has always been a developer focused on building and fundamentals. He reiterated that he has never purchased any memecoins, but this does not mean he opposes meme culture, just as he does not collect sports cars, artworks, or NFTs, yet still supports the entire cryptocurrency industry.
On how TST was listed on Binance, Zhao Changpeng stated that he was completely uninvolved and pointed out that there is competition among exchanges, necessitating the early listing of popular tokens, especially those with large trading volumes. If a token is pursued by many traders, it will naturally attract the attention of exchanges without the need for the team to actively promote it. He advised project teams to focus on the product itself rather than being fixated on getting listed.
As for why memecoins are so popular, Zhao Changpeng believes it may be related to regulatory policies, speculative culture, and community-driven factors. In recent years, regulators have filed lawsuits against many utility tokens, leading the market to shift towards memecoins. Additionally, speculators tend to prefer trading assets with high volatility, and the cultural attributes and strong community of memecoins further boost their popularity.
Finally, Zhao Changpeng pointed out that there is still a lot of capital in the market waiting to be invested, and opportunities still exist. The key is to create products that people truly need, rather than being swayed by market sentiment. At the same time, he reminded everyone to enjoy meme culture while ensuring proper risk management.
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