Just yesterday, TST recorded a modest 12% gain as the broader market showed slight recovery. However, the token suddenly plummeted from its peak of $0.0496 to a low of $0.01547 within minutes, sending shockwaves through the trading community.
Unusual Signs Before the Crash
Well-known trader “DegenTrading” was among the first to spot unusual activity: trading volume and open interest on TST were surging, with one massive position worth $102 million being opened — nearly double the actual OI at the time, which was $65 million. Additionally, the funding rate on Bybit spiked, hinting at major volatility ahead.
warned that a sharp price swing in either direction was imminent and advised caution. Not long after, TST began its dramatic downward spiral.
Market Panic and Massive Liquidations
The sudden price drop sparked a wave of liquidations totaling $4.47 million — the third-highest among all crypto assets in the last 12 hours, behind only Ethereum and Bitcoin. Of that, 98% (roughly $4.41 million) were long positions that got wiped out almost instantly. Following the plunge, TST quickly rebounded 77% to $0.02737, inflicting further losses on short positions worth around $63,230.
TST’s market cap has since fallen by 32% to $25.9 million. Open interest dropped 26% to $26.4 million, while trading volume skyrocketed by more than 1,000%, reaching $243 million.
TST — A “Test Token” Once Mistaken for a Binance Project
TST was originally created as a test token on the four.meme platform and accidentally gained traction after rumors linked it to Binance. The BNB Chain team had uploaded a demo video on how to launch a token, which led many to believe TST was an official Binance asset.
The team quickly deleted the video and erased the private key of the creator wallet, which held 0.13% of the token supply, to avoid further misunderstanding. Both Binance and its founder Changpeng Zhao (CZ) publicly stated that TST was not affiliated with the exchange.
Still, the token was listed on Binance on February 9, 2025, fueling even more hype and pushing it to an all-time high of $0.52.
At the time of writing, TST has dropped over 90% from that peak. The exact reason for today’s flash crash remains unknown, but it raises serious concerns about transparency and speculation in the meme coin space.
