Binance Boosts TST: Memecoin Surges 1267% After Listing

Binance, the world's largest cryptocurrency exchange, has announced its support for Test (TST), a memecoin launched on the BNB Chain. The news has sparked a massive rally in the token's price, with TST surging over 1,267% from its low to an all-time high of $0.5113. Although the token has since retraced, it remains the 353rd largest crypto project by market capitalization, currently valued at $163.4 million.

Binance's listing of TST has attracted significant attention from crypto whales, with some investors reaping substantial profits. According to blockchain tracking firm Lookonchain, one whale deposited 1.79 million CHEEMS ($2.2 million) and 4 million TST ($1.74 million) into Binance, generating a total profit of approximately $4.7 million. Following the exchange's announcement, the whale cashed out on TST, securing a profit of over $2.5 million.

Binance has attached a seed tag to TST, indicating that the token is a lower-liquidity project with potentially higher volatility compared to other listed tokens. To ensure users are aware of the risks, Binance requires owners of assets with seed tags to pass quizzes every 90 days before trading the tokens.

The BNB Chain team launched TST as a test token for a tutorial video on creating memecoins using its Four.meme launchpad platform. The sudden surge in TST's price highlights the impact that major cryptocurrency exchanges can have on the fortunes of smaller, lesser-known tokens. As the crypto market continues to evolve, investors should remain vigilant and informed about the risks associated with trading lower-liquidity projects.