The TST token listed on Binance dropped more than 68% on the exchange earlier today, from $0.04960 to a low of $0.01547 in just 15 minutes. Launched on the BNB Chain, the market cap of this token fell from nearly $46 million to only $21 million.
According to data from Coinglass, the open trading volume of TST has significantly decreased in the past 24 hours, dropping more than 35% across all exchanges. Meanwhile, Binance, the largest TST exchange, has seen an even sharper decline of over 40% in a short period.
Currently, the open volume of TST is $25.86 million. Binance holds the majority, up to 570 million TST—worth nearly $15 million, accounting for 58% of the total. These statistics indicate a significant retreat of market participants amid the recent price crash.
Although the price has partially recovered after the crash, TST continues to trade around $0.02706, down 33% in the past 24 hours, according to data from CoinMarketCap. The trading volume of TST has surged 1,200% to $145 million, indicating increased trading activity as traders scramble to buy or sell amid volatility.
Background and Birth of TST
Earlier this year, in February, the BNB Chain team accidentally revealed the TST token in a tutorial video. Although designed as a test token, its temporary existence attracted attention from traders and influencers in China.
Despite lacking official backing, this coin quickly garnered attention and surged in price with a market capitalization exceeding $37 million. However, as of today, the market cap has decreased by 32.8%, down to approximately $25 million.