BNB Chain team of Binance made a small mistake causing TST, a test token, to increase in price more than 1,000 percent before falling back down. However, chaos started when the team released a video tutorial on how one could create meme coins using the Four.Meme platform. Also in the video, they managed to accidentally show the name of a test token, TST. This was enough to put crypto traders in a hype.
When traders saw the new token, they bought it up as it was believed to be a Binance backed coin. It was hyped up by influencers, particularly in China, and the value of TST skyrocketed by 1,281%. The token’s market cap at its peak surpassed $50 million. Binance’s former CEO Changpeng “CZ” Zhao, quickly clarified that TST was just a test token and had no real value. His warning only encouraged the excitement.
Realising the mistake, the BNB Chain team deleted the video and removed the private key the tutorial wallet was linked to. However, the damage was done. For the traders, TST had already been taken over by the internet, and they continued to buy and sell it. Early buyers got lucky with some earning more than $303,000.
Though Binance and BNB Chain never had any stake in TST, people assumed it was because it showed first on their tutorial. It was listed on major exchanges like MEXC and PancakeSwap, which made its trading very active.
This is another one because of how social media and hype can cause wild price swings in the crypto market. One simple tutorial mistake made this worthless test token become a multimillion dollar hype overnight!
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