A check memecoin (TST) constructed on BNB Chain noticed an explosive 10,000% surge after a social media put up by former Binance CEO Changpeng Zhao.

In keeping with data from 4.meme, TST’s worth briefly spiked to $0.0488 following Zhao’s put up earlier than dropping to $0.0085 at press time. The token reached a market cap of $52 million at its peak however has since fallen beneath $10 million.

TST

In a Feb. 6 post on X, Zhao clarified that TST was created for an academic video by the BNB Chain workforce on the best way to create memecoins. He added that the video unintentionally revealed the token’s identify, which led to surprising buying and selling exercise, particularly amongst Chinese language crypto influencers.

In response, the BNB Chain workforce deleted the video and the non-public key related to the token’s creator handle, which managed 0.13% of TST’s provide.

Nonetheless, Zhao advised restoring the tutorial whereas clarifying that neither he nor Binance endorsed the token. He said:

“That is NOT an official token by the BNB Chain workforce, or anybody. It’s a check token used only for that video tutorial. Nothing extra.”

Speculative buying and selling

Regardless of its check standing, TST has gained traction on exchanges like MEXC, attracting speculative merchants. Blockchain evaluation by Lookonchain revealed that an early dealer initially spent 4 BNB ($2,353) to amass 54 million TST.

Nonetheless, as costs fell, he panic-sold 27 million TST for 37 BNB ($22,000) however reinvested 16 BNB ($9,000) to purchase again 13 million TST.

Following Zhao’s put up, the dealer capitalized on the worth surge, promoting 14.65 million TST for 595 BNB ($350,000). He now holds 25.4 million TST value roughly $845,000.

The dealer has over $1.2 million in revenue on the BNB Chain TST token as of press time.