I. Investigating the Origin of TST: How Did the "Binance Ecosystem" Meme Coin King Emerge from the Crowd?

1.1 The "Perfect Storm" Triggered by a BNB Chain Code Frame

On February 6, 2025, at 12:37, the official BNB Chain YouTube account uploaded a tutorial video titled "How to Issue a MEME Token on BSC". Attentive viewers noticed that in the code demonstration scenes at 1:09 and 1:18, the token name field was set to "TST".

Frame-by-frame analysis confirmed that this was originally a test name (the abbreviation for Test Token) entered by the developer, but it was quickly captured by the keen community KOLs, who discovered the "three major mysteries":

- Lightning-fast Listing: The Four.meme platform used in the video showed that the token could be deployed in just 15 seconds.

- Frictionless Minting: The total supply was fixed at 1 billion tokens, with the developers retaining 8%.

- BNB Chain Endorsement Halo: The tutorial page embedded the official logo of the Binance ecosystem.

This technical tutorial was interpreted by the crypto community within 24 hours as the "Binance official MEME coin testing ground", and the 8.5 million views spawned a collaborative "scientific team" - Korean traders used the large OTC entry on Bithumb to gather BNB, Latin American communities quickly set up Telegram groups for new coin offerings, and Chinese quantitative teams wrote batch minting scripts.

1.2 CZ's Tweets Become the "Pump Trigger" in a Game Theory Dilemma

At 3:12 am on February 7, CZ tweeted to clarify that "TST has no official value endorsement". [X tweet](https://x.com/News_Techub/status/1889240132164936154) data shows that after this tweet was posted, the search volume for the TST tag increased 5.7 times. The market formed a unique reflexive logic:

- Denial is Affirmation: The community believes that "the need to deny it" proves the importance of the project.

- Overlay Effect: Compared to other MEME coins, TST has the superimposed exposure of "the founder denying it three times in three days".

- Social Capital Competition: KOLs competed to release "slapping CZ" emoticons to gain traffic.

The psychological model reveals this paradoxical phenomenon - according to data from the Reuters Behavioral Finance Lab, when an authority figure denies a crypto asset three times in a row, retail FOMO sentiment can reach 12 times the original level of attention. The peak of this collective frenzy occurred at 6:00 pm on February 9, when Binance announced the spot listing of TST, and 510,000 buy orders flooded in, causing the on-chain Gas fee to soar to 8,000 Gwei.

II. Dissection After an 80% Crash: Who Is Harvesting? Who Is Holding the Bag?

2.1 Restoring the "Scientific New Coin Offering" Operations of On-chain Whales

Through on-chain address mapping, we have identified "three types of harvester archetypes":

1 Video Capture Scientist

- Address Fingerprint: Deployed the contract within 1 hour of the BNB Chain video release

- Operation Mode: Used Flashbot bots to intercept DEX liquidity

- Typical Case: 0x3d7...c19 completed the deployment at 12:42 on February 6, then used the PancakeSwap pool to trade against the flow to inflate the market cap, and sold off 1,870 BNB in profit 15 minutes later

2 CZ Twitter Arbitrageur

- Address Fingerprint: Appeared with large buy orders within 5 minutes before each of CZ's clarification tweets

- Operation Logic: Used Twitter API to monitor keywords, triggering quantitative strategies to buy

- Harvesting Evidence: The 0xec8...a72 address completed 3 rounds of high sell-low buy against 3 of CZ's tweets during February 7-9, with a net profit of $920,000

3 Binance Listing Sniper Team

- Address Fingerprint: Transferred tokens to CEX deposit addresses before Binance announcements

- Cross-exchange Arbitrage: Monitored deposit wallet activity on Bitget, Kucoin to anticipate listing news

- Data Evidence: From 2:00 pm to 5:00 pm on February 9, a related address transferred 3.8 million TST to a Binance hot wallet, and then placed a sell order at an 800% premium when the spot listing went live

2.2 The Three Death Cross Signals of the Meme Coin

The current TST token has fallen from its all-time high of $0.52 to the current $0.16, and the K-line is showing a typical crash pattern:

1 MACD Daily "Underwater Death Cross"

- The fast line (DIF) and slow line (DEA) formed a downward opening at the -0.032 level

- Historical backtesting shows that this signal has a 78% accuracy rate in predicting MEME coins

2 Chip Peak Layering

- On-chain data shows that 23% of the circulating chips are concentrated in the $0.28-$0.35 range

- This type of "heavily shorted area" will form a huge downward gravitational force

3 Disappearance of Spot Premium on Exchanges

- As of February 12, the spot price on Binance ($0.16) is almost on par with PancakeSwap ($0.157)

- The zero cross-exchange arbitrage profit indicates a depletion of liquidity

III. The $0.16 Value Game: Deconstructing the Buy the Dips Logic from Three Dimensions

Dimension 1: Relative Valuation - The Involution Pricing of the MEME Sector

Comparing TST with other tokens in the same sector reveals:

- PEPE: $3.5 billion market cap / 42,000 holders = $83,333 per holder

- BONK: $1.8 billion market cap / 890,000 holders = $202 per holder

- TST: $128 million market cap / 53,000 holders = $2,415 per holder

Conclusion: The value per holder is too high, and 22,000 new holders are needed to match the current valuation.

Dimension 2: Sentiment Cycle - Mathematical Modeling of FOMO Residual Value

Using the "Meme Fever Index" model created by Hegic co-founder @ze_misirli:

- Social media heat decay rate: -18% per day (Twitter/WeChat index)

- DEX trading volume decay rate: -29% per day

- CEX funding rate reversion speed: +0.05% per day

The model predicts that the price will fluctuate in the $0.16-$0.22 range, with a 68% probability of falling below $0.1.

Dimension 3: Assessing the Weight of the "Sword of Damocles" of Regulation

The latest regulatory developments show:

- US SEC: Investigating whether the Four.meme platform is involved in unregistered securities issuance

- Hong Kong SFC: Has listed "exploiting test coins for hype" as an investment alert for 2025

- Binance compliance cost: An additional $15 million deposit is required to address class action lawsuits

IV. Viewpoint: Finding the Rules of Survival Between Madness and Rationality

4.1 This Is a Textbook-Level "Phishing Operation"

The TST incident has exposed three major ailments in the contemporary crypto market:

1. Weaponization of Infrastructure: The BNB Chain developer tools have been perverted into a market manipulation machine

2. The Two-Way Trap of Leader Statements: CZ's "refutation" has become a reverse indicator for speculators

3. The Exchange's Meat Grinder Nature: Binance harvested $3.1 million in fees through a combination of futures/spot

4.2 Survival Guide for Players at Different Levels

- Shark Level (Capital > $500,000): Can participate in the futures market for hedging, utilizing funding rate arbitrage

- Octopus Level ($50,000 - $500,000): Wait for the weekly MACD bottom divergence signal

- Shrimp Level (< $50,000): Strictly