A BNB-based Token, TEST (TST), has surged over 300% in value after an endorsement tweet from Changpeng Zhao (CZ), the co-founder of Binance. Notably, the influence of prominent figures in the crypto industry has significantly impacted the market.
TST Surges Following CZ Tweet
According to the tweet from CZ, a BNB Chain team member created a video tutorial on launching a meme token on the Four.Meme platform. He used TST as an example token in the video, unaware that it would soon gain significant attention.
After posting the video tutorial, a Chinese community influencer saw the token’s name in the clip. As a result, TST’s market capitalization skyrocketed to $494,560. After learning about the token’s unexpected popularity, the BNB Chain team member deleted the video tutorial.
However, CZ addressed the situation, stating, “The internet does not forget.” He recommended that the team member reinstate the video, acknowledging the situation as unavoidable. The exchange co-founder further emphasized that the token was created solely for educational purposes, and its rise was neither expected nor intended.
Nonetheless, despite the clarification, the token’s value continues to soar. According to data from DEX Screener, Minutes after the tweet, TST reached an all-time -high of $0.047, representing a 316% increase. This could be attributed to CZ’s claim that the creator deleted the account’s private key, leaving none of the team members holding TST.
Not the First
Similar events have occurred, with mockJUP being a notable example. The Jupiter team used the token to test its launch platform and prepare for its JUP Token Generation Event (TGE) and the first Jupuary airdrop. Upon realizing it was tradable, the community took over, sending the token to an all-time high market capitalization of $2.63 million.
Such moves are not surprising, as users often believe that holding such test tokens can qualify them for future airdrops from the platform. Notably, the sentiment is not unique to Jupiter and Four.Meme users. A Solana-based meme creator platform, Pump.fun, has announced plans to launch its token, and users will receive an airdrop.
Despite being a test token, TST’s surge follows the style of meme tokens, which gain traction quickly. These tokens are often driven by social media hype and endorsements from influential figures. It seems ironic to the crypto community that CZ, who has emphasized the importance of focusing on tokens with real utility, contributed to the hype surrounding TST.
