A full review of TST events: Community Carnival to Binance Controversy, a microcosm of the crypto market

Author & Editor: Scof, ChainCatcher

Recently, due to the influence of macro policies, the cryptocurrency market has generally continued to fluctuate and shown a downward trend. As the meme craze gradually faded, many meme-related currencies also cooled down. However, the meme coin TST on BNB Chain unexpectedly ushered in explosive growth, attracting widespread attention.

From obscurity to market value soaring to hundreds of millions of dollars, TST's rise not only attracted the market, but also triggered heated discussions about the logic of Binance's currency listing.

This article will review the ins and outs of the TST incident and explore the market logic and controversy behind it. From the initial test tokens to the Binance spot trading, every step of TST is full of drama. Under Binance's "light speed listing" operation, TST's market value soared from US$500,000 to US$500 million, an increase of more than 100 times. However, the plunge after going online caused heavy losses to many investors, causing doubts about Binance's currency listing process.

Next, we will analyze it one by one from the birth, outbreak, to the controversy.

$TST

According to the TST official website, $TST is a test token deployed by BNB Chain on the four.meme platform.

The first public mention about $TST happened on February 6, when CZ shared a teaching video on Twitter about how to launch tokens using four.meme. In this tweet, CZ specifically clarified that $TST is not a token released by the BNB Chain team or any official organization, and exists only as a test token in the teaching video. There is also a link at the end of the tweet, pointing to the trading pair between TST and BNB on four.meme. This statement may indicate that the emergence of $TST initially did not have an official background, but was a purely experimental project.

Phase 1: Test market pull up

On February 7, $TST ushered in its first more formal promotion. At that time, four.meme held a Space live broadcast called " Talking about $TST " in the early morning. Although the live broadcast did not attract much attention at the time, it paved the way for subsequent outbreaks. On the same day, XT Exchange, Bingx, Bitget Wallet and other platforms launched $TST one after another, and were launched simultaneously in a short period of time. In addition, CoinMarketCap and CoinGecko have also updated the token's relevant information, further increasing their market exposure.

By February 8, Binance Alpha Projects also joined the $TST lineup, marking the official debut of the token. This series of movements brought strong market attention to $TST and opened the first phase of its price increase - the trial pull-up phase , which lasted from 3 pm on February 8 to the evening of that day. This stage of rise lays the foundation for $TST's subsequent performance.

Stage 2: sideways - burst

On February 9, with the end of the test pull-up, TST's currency price rose from US$0.026 to US$0.19, with a market value exceeding US$40 million, an increase of more than 6 times, and has slowly entered the sideways adjustment stage.

Just as market sentiment fell into a trough, many retail investors began to doubt the future of TST, and even FUD sentiment appeared, an unexpected turnaround appeared - Binance founder CZ posted a statement about TST on Twitter. Although the main content of the tweet was to clarify that he "never owned a TST", the move unexpectedly triggered a strong reaction from the market.

CZ's tweet not only did not cause the price of TST to fall, but instead was like a shot of a heart-warming shot, quickly igniting the enthusiasm of the market. Investors seem to read more signals from this tweet: CZ's attention and voice have somehow brought additional exposure and trust endorsement to TST. Although he made it clear that he did not hold TST, the market interpreted it as a potential recognition or concern. This sentiment spread rapidly, driving TST's currency price to rise against the trend, and its market value exceeded the 100 million US dollar mark in a short period of time.

But the story has not ended here. Just in the early morning of February 9, @Binance official suddenly announced that TST will launch Binance spot trading pairs, including TST/USDT and TST/USDC. This news instantly ignited the enthusiasm of the market. TST's market value soared from $500,000 to $500 million in just a few days, an increase of more than 100 times. This rapid event reminds people of the Trump coins that were previously reminiscent of the fact that they also quickly entered mainstream exchanges with their extremely high market attention and community popularity. And this time, the protagonist was replaced by TST.

Stage 3: Plunge

"A currency relies on narrative and consensus before going to the Institute, but after going to the Institute, it is purely a capital game."

I originally thought that TST, endorsed by Zhao Changpeng, will continue its previous trend after it is launched on Binance, at least it will not be too ugly. However, its subsequent performance obviously did not break the recent curse of "falling when landing on Binance". The coin price quickly fell all the way, from the high of $0.52 to the current $0.17, with a retracement rate of more than 60%. Although there was still consolidation and rebound during this period, this was obviously a drop in the bucket for many retail investors who bought at the high point, and many exchange users suffered heavy losses in this fast PVP.

At this stage of the plunge after Binance was launched, CZ issued another statement covering seven thoughts on this TST incident, which mentioned that it was "not involved in their listing process at all", and in general, it was again Separate yourself from TST and Binance decision-making.

****" Light Speed ​​of Coin" has caused controversy: Binance's review

process and the game between market hotspots****

This result also quickly aroused the market's doubts about Binance's currency listing strategy, especially the community raised questions about Binance's review process from its birth to its launch. Even CZ itself believes that there is a problem with Binance's currency listing process, and pointed out in a tweet

"As an observer, I think Binance's listing process is a bit problematic. The platform first releases an announcement and then goes online 4 hours later. Although the notification period is necessary, during these 4 hours, the token price will be pushed on DEX High, and then someone sells it on CEX.”

He Yi has repeatedly emphasized that Binance has a strict and complex coin review process designed to ensure the compliance and security of every online project. However, the launch of TST this time was surprising - it took only a few days from the birth of tokens to the spot trading of Binance. This "light speed" operation of coin listing has made some community members begin to question: Is Binance really conducting a detailed review of each project as it said? Or is it that in order to support the development of the BNB Chain ecosystem, TST has been granted some kind of "fast track" privilege?

Some voices in the community believe that Binance's rapid listing of coins this time may be to use the popularity of TST to promote the activity of the BNB Chain ecosystem. After all, the popularity of TST has attracted more people to notice the technical capabilities and community vitality of BNB Chain. However, whether this "fast track" will affect the fairness and rigor of Binance's currency listing process has also become the focus of discussion.

Despite this, TST's popularity has not completely subsided. Binance has added a "seed tag" to it, which means that users need to pass a risk test and accept terms of use to trade, further highlighting its high-risk attributes. CZ’s recent discussion on the currency listing process makes people wonder whether CEX should automatically list tokens like DEX to cope with rapid market changes?

But in any case, this incident undoubtedly casts a controversial shadow on Binance's currency listing process, and also makes more people start to think: in the rapid development of cryptocurrency, how should the review process balance efficiency and Safety?

The story of TST, from the initial test tokens to the surge in market value to $500 million, to the plunge after Binance was launched, has condensed almost all the characteristics of the cryptocurrency market: sentiment-driven, community power, exchange game and market non-stop Determinism. Its rise and fall are not only a controversial attempt by Binance’s currency listing strategy, but also a microcosm of the entire crypto market ecosystem.