- An anonymous whale dumped nearly $7 million worth of Binance-inspired TST tokens, causing its price to crash over 40% and slashing the market cap by $20 million.
- Despite social media blaming Binance’s CZ without evidence, the sell-off was likely just a large speculative move disrupting the small-cap token.
The Binance-linked meme token Test Token (TST) took a massive hit this week after an anonymous whale unloaded between $6 million and $7 million worth of the coin, triggering a sudden crash that wiped nearly 40% off its price and slashed its market cap by almost $20 million.
TST, initially launched as a tutorial meme coin, gained unexpected traction as a speculative asset, riding the wave of Binance founder Changpeng Zhao’s (CZ) informal endorsement. With a market cap hovering around $55 million prior to the dump, the whale’s outsized sale represented over 10% of the entire token supply—enough to cause seismic market ripples.
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The Whale Impact: Trading Volume Surges 800%
According to trading analytics from Coinglass, TST’s 24-hour trading volume spiked by over 800%, predominantly on Binance’s spot and futures markets, revealing the whale’s heavy use of these platforms to exit their position. This massive sell-off instantly shrank TST’s market cap by nearly $20 million, sending shockwaves through the token’s community and speculators.
Social Media Erupts with Blame and Accusations
In the aftermath, social media exploded with speculation and finger-pointing. Many users accused Binance’s CZ or insiders of orchestrating the dump, alleging that the platform was intentionally harming token holders. One vocal critic claimed, “Binance and CZ keep dumping on their users, just like market maker Wintermute did with ACT, crashing it 70% in minutes.”
However, no credible evidence has surfaced linking CZ or Binance insiders to the whale’s identity or the sell-off. These claims appear to be fueled more by frustration and fear than facts. The meme coin market is notoriously volatile, and a single whale’s movements can easily destabilize small-cap tokens.
What’s Next for TST?
Despite the chaos, some investors hope that forthcoming blockchain analysis will uncover more details about the whale behind the trade. For now, TST holders are left to weather the storm, while the community debates whether the crash signals deeper problems or is simply the fallout of speculative trading dynamics.
As with many meme coins, TST’s wild swings serve as a reminder: high risk accompanies high reward—and sometimes, a single large player can turn the tide in an instant.
