Binance Founder CZ Addresses Issues with Token Listing Process
The Test Token (TST) gained significant attention following a tutorial video by Binance co-founder Changpeng ‘CZ’ Zhao that featured TST as an example. This led to a price surge as traders anticipated a potential listing.
- CZ clarified he has no connection to TST and is not promoting it.
- Despite his clarification, Binance decided to list TST based on its trading volume.
- This decision sparked debate about Binance’s listing standards and prioritization of trending tokens over quality.
- CZ acknowledged flaws in the listing process, stating it typically takes four hours from token announcement to trading availability, causing price inflation on decentralized exchanges before the official listing.
- TST's price peaked at $0.50 with a trading volume of $1.42 billion but subsequently dropped over 60% to below $0.20.
- Market analysts indicated this volatility is typical for meme coins, driven more by hype than intrinsic value.
- During TST's fluctuations, Binance Coin (BNB) increased by 7%, illustrating the impact of exchange-related news on market dynamics.
CZ has returned to the crypto space as an advisor for YZi Labs, focusing on Web3, AI, and biotechnology.