The value of TST plummeted by over 40% almost immediately after an anonymous whale sold tokens worth $6-7 million. The total market capitalization of the asset is $55 million, highlighting the scale of this user's position.
SNS users have pointed to Changpeng "CZ" Zhao or other Binance insiders as the whale without evidence. While the shock is understandable, a witch hunt helps no one.
TST Whale Causes Price Shock
Among BNB meme coins, Test Token (TST) has as diverse a background as any other asset. TST was initially created to demonstrate how to launch a meme coin, but traders quickly adopted it as a speculative asset.
However, TST enthusiasts were thrown into confusion after a whale dumped a supply worth $6-7 million:
One of big whale dumped all of his $tst
โ Alpha Whale Crypto (@AlphaWhale_) May 30, 2025
This is scary. Hope team can answer about this. pic.twitter.com/SKsMCE3UXj
Trading data from cryptocurrency derivatives platform Coinglass provides some valuable insights. TST's trading volume increased by over 800% in the past 24 hours, highlighting the massive impact of a single whale.
Most of this trading volume was concentrated in Binance's spot and futures markets, which the whale used to close their position. TST's market capitalization immediately decreased by nearly $20 million.
An additional twist came from sudden criticism and accusations from token supporters. Who was this whale, and how did they acquire such a significant portion of TST?
With the meme coin's market capitalization at just $55 million, one person held more than a tenth of the total supply. Binance founder CZ was previously criticized for TST issues, and now it's happening again:
"Binance and CZ continue dumping on users together with market maker Wintermute. A few months ago, Wintermute dumped ACT by 70% in seconds. Now another CZ-promoted scam, TST, has dropped almost 50%. Binance has been exploiting users since paying $4 billion to the SEC last year," a user claimed.
To be clear, there is no evidence of CZ's involvement. Nevertheless, social media is flooded with accusations that he or another Binance insider was the TST whale.
Meme coin enthusiasts had previously attacked platforms after many unexpected market movements, such as the aforementioned ACT crash.
Without clearer evidence, these accusations appear to be mere hysteria. A single whale has moved TST more in a month than ever before. Some panic is understandable given the circumstances.
Unfortunately, no one has yet proposed a serious alternative hypothesis. Hopefully, subsequent blockchain analysis will shed some light on the details of the TST whale's identity.
Until then, traders must remember that the meme coin market is extremely risky. This risk does not justify baseless accusations.
