TST, which unexpectedly became popular due to its 'test coin' identity, had a terrifying moment this morning (August 7) — a 15-minute halving followed by another halving, crashing over 68%!
The price plummeted from nearly 0.0496 USDT straight down to 0.01547 USDT, and is now barely hanging around 2.5 cents, having evaporated nearly 40% in a day. This is not volatility; it's practically free fall!
At 9:51 AM, several large players (likely from the same entity) on the Bybit exchange took high-leverage long positions, resulting in a chain liquidation of 3.6 million USD within 16 seconds! It’s like someone suddenly flipped a table in a crowded restaurant, causing everyone else to panic and rush for the exit, flooding the market with panic selling.
In the 24 hours before the crash, the 'betting capital' (open interest) in the contracts plummeted by over 35% (40% on Binance), making everyone jumpy.
TST itself is just a small fish in a small pond, with a daily trading volume of around 2.5 million USD. In such a pond, a slightly larger 'whale' (a sell order of several million USD) sneezing can create a tsunami, causing a price collapse.
This is a typical 'market maker's script.' First, they pretend to be dead and consolidate, making you think they are 'accumulating,' then suddenly spike the price to attract small retail investors to follow along, and finally, they instantly crash the price to 'harvest,' all in one go! The ones next door have done this too; TST is just following the script.
The makeshift team has ultimately revealed its flaws; TST, born as a 'test coin' in a tutorial video, has been artificially inflated into a meme coin known as the 'favorite child of Binance.'
What real capabilities does it have? It probably hasn't even put together a few pages of PPT! It purely relies on market sentiment and speculative capital. Recently, the discussion has cooled down, the trading volume has dropped, and everyone has realized that besides having 'Test' in its name, there aren't any new stories to tell, so confidence is bound to collapse.
Meme coins are like a heart rate accelerator + a money shredder: TST's origin as a 'test coin' and this flash crash serve as a live case study of the risks in the small-cap meme coin ecosystem—poor liquidity, easy manipulation, and a weak foundation.
The excitement is indeed real, but the risk of going to zero is also very real! Without genuine community consensus or practical value to support it, once the fireworks are over, all that’s left is a mess.
This kind of chain liquidation + flash crash will make funds more cautious towards small coins and low liquidity projects; people will be more inclined to stick with projects that have real applications or strong backgrounds. Market differentiation will become more apparent, and the survival space for 'junk coins' will be squeezed.
Currently, TST's technical indicators are still in a downward channel, and the so-called support levels look like mere tissue paper. Without significant positive stimuli in real money, don't be quick to 'pick up bargains'! Our wallets are not trash cans; they can't hold these 'test' risks.
