The TST token appears hours after the DEX listing, according to Binance founder Changpeng Zhao, who stated that the Binance listing process is “a bit broken.”
Changpeng Zhao (CZ), the co-founder of Binance, has once again expressed his opinion on the recent Test (TST) token saga, describing the exchange listing process as “broken.” The TST price experienced a rapid increase in a brief period following the publication of a video tutorial featuring the Test Token by CZ last week. Subsequently, the founder of Binance reiterated that the TST token was solely intended for educational purposes and that he does not endorse it.
Nevertheless, Binance capitalized on the trading volume and announced a listing for the TST token. This has sparked a significant uproar in the crypto community, with many individuals inquiring about the “fundamentals” of the token and the vetting process at the exchange.
Is Changpeng Zhao Deviating From the Fundamentals?
Changpeng Zhao has been recognized for supporting fundamentally sound projects in the past year. Nevertheless, the crypto community has begun to query him about recent TST token developments. Several individuals have inquired why CZ is discussing the TST token, which currently functions as a meme coin, when he states that he supports “fundamentals.”
This has resulted in inquiries regarding whether CZ is investing in meme currencies or transitioning away from fundamentals. Moreover, Changpeng Zhao is confronted with why the TST token was listed on Binance despite Zhao’s disassociation. In response to this, CZ sent the following message:
“I don’t know for sure. I am entirely NOT involved in their listing process. Based on historical experience, people always complain, “Why do you list this but not the coin I hold?” You might not like to hear this, but the truth is: exchanges must compete to list popular coins (with trading volume) as early as possible. If your coin is actively sought after by traders, you don’t need to talk to exchanges. As I always say, work on your project, not the exchanges”.
Additionally, Zhao commented on his involvement with meme coins, stating, “Memes are enjoyable, etc.” It is a cultural phenomenon. I lack expertise in this field. Numerous individuals are fervently in favor of memes. Refrain from opposing the community.
Zhao on the Binance Listing Test (TST) Token
Changpeng Zhao has expressed apprehensions regarding the platform’s token listing procedure, describing it as “somewhat flawed.” Zhao emphasized the substantial price volatility generated by the four hours between the announcement of a listing and the actual listing in a social media statement, particularly in the context of the TST token.
“The notice period is essential; however, during those four hours, token prices experience a surge on decentralized exchanges (DEXs), and subsequently, individuals sell on centralized exchanges (CEXs).” However, it is uncertain whether there is a solution to this issue. Zhao cautioned, “Be cautious.”
Zhao suggested that the listing on CEXs and DEXs should be contemporaneous, as per a user. CEX should automatically enumerate nearly everything, similar to DEX. However, I am no longer operating a CEX.
TST Token Pump and Dump
The daily trading volume increased by 372% to $1.42 billion, and the Test price surged by 300% to $0.50 shortly after the Binance listing. However, this was met with significant liquidations, as the TST price plummeted by 60% from its zenith and is currently trading at under $0.20. The BNB price experienced a 7% increase earlier today in response to the ongoing TST token saga and Zhao’s clarification.
