Token TST is inspired by Changpeng Zhao's collapse after a whale sold nearly 7 million dollars.

The value of TST has plummeted by more than 40% almost immediately after an anonymous whale sold a token amount worth 6–7 million dollars. The overall market capitalization of this asset is now only 35 million dollars, indicating that the position size of this user is very large.

Shortly after, social media quickly accused Changpeng Zhao (CZ) or internal figures of Binance of being the whales behind the incident, even without any evidence. The surprise is understandable, but the accusations will not help anyone regain their investment position.

TST whales shock the price

In terms of memecoins on the BNB ecosystem, Test (TST) has a "meme-rich" origin story like any other asset. TST was initially created to illustrate how to issue a memecoin, but it was quickly seized by traders as a speculative asset.

However, the TST-loving community is currently in chaos after a whale sold off a token worth 6–7 million dollars, causing a wave of serious instability.

Transaction data from Coinglass provides some noteworthy insights. The trading volume of TST has increased by over 800% in the past 24 hours, indicating that just one whale can create a massive impact.

Most of this volume is concentrated in the spot market and futures contracts of Binance, where this whale has exited its position. The market capitalization of TST has evaporated nearly 20 million dollars in an instant.

Another noteworthy point is the sudden blame and accusations from the token supporter community. Who is this whale and how do they own such a large amount of TST?

If the market capitalization of this memecoin is only 55 million dollars, then that person alone holds more than 1/10 of the total supply. Binance founder, CZ, was once blamed for the previous issues of TST and now that is happening again.

"Once again, Binance and CZ have dumped on users, along with the market maker Wintermute. A few months ago, Wintermute caused ACT to drop 70% in the blink of an eye. Now it's TST's turn, another scam project promoted by CZ, which has plummeted nearly 50%. Binance has continuously drained users since they handed over $4 billion to the SEC last year," a user alleged.

It should be made clear that there is no evidence showing that CZ is involved. However, social media is flooded with accusations that he or someone within Binance is the whale behind TST.

Memecoin enthusiasts have criticized Binance after many unexpected market fluctuations, such as the aforementioned ACT crash.

However, without clearer evidence, these accusations seem more like temporary panic. A single whale has caused TST to fluctuate more in an instant than in the entire past month. Therefore, a little panic is understandable in such circumstances.

TST Price Chart 4 Hours | Source: TradingviewUnfortunately, no serious alternative hypotheses have been proposed so far. Hopefully, some blockchain data analysis after the incident will clarify the identity of the TST whale.

Until then, traders should keep in mind that the memecoin market is extremely risky. However, that risk cannot justify baseless accusations.

Minh Anh