Test Token (TST) Plummets Over 66% Amid Massive Selloff
The Test Token (TST) experienced a significant selloff, dropping from $0.04960 to $0.01547 in 15 minutes, losing over 66% of its value, and currently trading around $0.0273. This decline was accompanied by a 1,000% increase in trading volume, totaling $136 million.
Key points include:
- TST open interest fell more than 25% to $27 million.
- Binance noted a decline exceeding 34% in TST activity.
- The token was created as a demo in a Binance tutorial earlier this year.
- TST previously peaked at $0.5244 in February, marking a 95% drop since then.
- Crypto analyst Jason Chen suggested the price crash resembled patterns seen in other tokens linked to pump-and-dump schemes.
- Allegations of market manipulation are rising, with Chainalysis noting that over 4.5% of new tokens in 2024 showed rug pull traits.
Previous incidents involving TST’s volatility have drawn attention, including remarks from Binance founder Changpeng Zhao about compensating holders after earlier drops. Other notable cases in the crypto market also reflect similar manipulative practices.