TST token crashes 40% after a whale dumps $6-7M, shaking its $55M market cap and sparking speculation about Binance insiders.
Despite no evidence, social media users swiftly pointed fingers at Changpeng “CZ” Zhao or other Binance insiders as the whale behind the dump. While the shock is understandable, baseless witch hunts won’t help traders recover their losses.
TST Whale Triggers Price Crash
Among BNB meme coins, Test Token (TST) has a vibrant history. Originally launched to illustrate meme coin creation, it quickly became a speculative favorite among traders.
However, TST’s community is reeling after a single whale offloaded $6-7 million worth of the token, sparking widespread turmoil:
Coinglass’ trading data offers key insights. TST’s trading volume surged over 800% in the past 24 hours, underscoring the massive impact of one whale.
Most of this volume occurred on Binance’s spot and futures markets, where the whale liquidated their holdings. TST’s market cap plummeted by nearly $20 million in moments.
Adding to the chaos, TST supporters have resorted to blame and speculation. Who was this whale, and how did they amass over one-tenth of TST’s $55 million market cap?
Binance founder CZ has faced blame for past TST issues, and now accusations are resurfacing:
“Binance and CZ keep dumping on their users along with market maker Wintermute. A few months back, Wintermute dumped ACT by 70% in just a few moments. Now, TST, another scam shilled by CZ, went down almost 50%. Binance has been milking their users since they gave $4 billion to the SEC last year,” one user claimed.
To be clear, no proof links CZ to the incident. Yet, social media is flooded with claims that he or a Binance insider was the TST whale.
Like the earlier ACT crash, meme coin fans have frequently criticized Binance after sudden market swings.
Without solid evidence, these accusations appear to be mere panic. One whale caused a larger TST price swing in an instant than seen in over a month, making some distress understandable.
Regrettably, no one has offered a credible alternative theory yet. Hopefully, future blockchain analysis will shed light on the TST whale’s identity.
For now, traders should remember the high risks of meme coins. Those risks don’t justify unfounded allegations.
