1. The Origin of TST and Market Reaction: From 'Teaching Coin' to Speculative Focus

Unexpected Popularity of Technical Demonstration

TST was originally created as a teaching test token by the BNB Chain team on the four.meme platform to demonstrate how to issue Meme coins. Its contract address and code were accidentally leaked due to a tutorial video released by the team, which was quickly hyped by community KOLs.

The initial market value was only $490,000, but after CZ forwarded the related explanation, the market value skyrocketed to $50 million within an hour, with the highest increase exceeding 100 times.

On-chain data shows that some 'smart money' positioned themselves early; for example, a certain address bought $35,000 worth of TST just 5 minutes before CZ's tweet, earning over $650,000.

CZ's 'Contradictory Operations' and Market Interpretation

CZ has repeatedly emphasized that 'TST is not related to Binance' and 'the team does not hold tokens,' even deleting the tutorial video to dissociate himself. However, Binance subsequently launched the TST trading pair under the name of 'community voting' and added seed label restrictions on retail participation.

The market views this as CZ's 'anti-counterfeit selling' strategy: first denying to create a sense of mystery, then endorsing through the platform to harvest traffic.

On February 22, CZ publicly exchanged 1 BNB for TST for the first time, directly triggering a 300% surge in the token within 24 hours, with BNB rising 5% simultaneously. This move was interpreted as 'implicit support,' reinforcing market speculation regarding the Binance ecosystem.

2. Short-term Speculation Logic and Long-term Value Controversy of TST

Short-term Drivers

Celebrity Effect and FOMO Emotion: As the founder of Binance, CZ's actions are seen as a market barometer. For example, when he and Vitalik jointly promoted the DeSci track, the related tokens surged over 80% in a single day, similar to the logic behind TST's surge.

Self-Reinforcement of the BNB Ecosystem: With over 200 million Binance users, the quarterly token burn mechanism promotes BNB deflation, and TST's rise is viewed as a sign of BNB Chain competing in the Meme track.

Long-term Value Absence and Risks

Lack of Actual Application Scenarios: TST lacks deflationary mechanisms, governance functions, or technical applications; its value entirely depends on trading demand, consistent with the 'narrative-driven' model of most Meme coins.

Regulatory and Market Backlash Risks: If TST is deemed to involve price manipulation, it may trigger regulatory scrutiny. Historical collapses of similar projects (such as LUNA and FTX-related tokens) have shown the fragility of such tokens.

I don’t want to babble too much... I feel TST still has potential for discussion.