TST Token Plunges 68% in 15 Minutes Amid Sharp Liquidation and Open Interest Drop

The Binance-listed TST token experienced a dramatic price collapse of over 68% within a 15-minute window on August 5, 2025, plummeting from $0.04960 to as low as $0.01547. The token’s market capitalization dropped from nearly $46 million to $21 million during the same period, reflecting a sharp withdrawal of investor interest and significant liquidation activity [1]. The sudden and severe movement triggered widespread concern among traders and highlighted the volatility inherent in the asset class.

According to Coinglass, open interest in TST across all exchanges declined by more than 35% in the 24 hours leading up to the crash, with Binance alone recording a drop exceeding 40%. This suggests a rapid unwinding of leveraged positions and growing caution among market participants [2]. As of the latest data, TST’s total open interest stood at $25.86 million, with nearly 58%—or $15 million—concentrated on Binance [1].

Although the price has partially recovered, TST remains trading at approximately $0.02706, down 33% over the past 24 hours. CoinMarketCap data also shows that the token’s trading volume surged by 1,200% to $145 million during the volatile period, a sign of heightened market activity driven by panic selling and speculative buying [1]. Despite the increased volume, the price has failed to regain its former levels, indicating ongoing uncertainty about the token’s future.

The origins of TST trace back to early 2025, when the BNB Chain team inadvertently revealed the token in an instructional video. Designed as a test token for the BNB Chain, TST lacked any formal support or roadmap but quickly gained traction among traders and online influencers in China [1]. The token briefly reached a market capitalization of over $37 million, but this had since declined by 32.8% to approximately $25 million [2].

Analysts have speculated on the reasons behind the crash, with theories ranging from coordinated bear raids to potential market manipulation or the absence of fundamental value. The lack of official communication from developers or influencers has added to the uncertainty, with some observers warning of a “rug pull” scenario in which the project is abruptly abandoned [3]. However, there has been no evidence of broader exchange malfunctions or algorithmic trading anomalies directly linked to the event [2].

The incident underscores the risks associated with unbacked and speculative cryptocurrency tokens. Despite being listed on one of the world’s largest exchanges, TST’s value has proven to be highly susceptible to sentiment-driven shifts and speculative trading. Investors are increasingly being urged to exercise caution and conduct thorough due diligence before engaging with such assets, particularly given the current lack of regulatory oversight in the space [3].

The TST price plunge serves as a cautionary example of the unpredictable nature of crypto markets, especially for tokens with limited fundamentals or unclear governance structures. As traders continue to monitor the situation, the long-term viability of TST remains uncertain.

Source:

[1] Why TST Token Price Crashed 68% in 15 Minutes? https://coinpedia.org/news/why-tst-token-price-crashed-68-in-15-minutes/amp/

[2] Binance Listed TST Token Plunges Over 68% in Minutes https://www.cryptotimes.io/2025/08/07/binance-listed-tst-token-plunges-over-68-in-minutes/

[3] CZ-Inspired TST Meme Coin Tanks 33%, Another Rug Pull? https://www.coinspeaker.com/cz-inspired-tst-meme-coin-tanks-33-another-rug-pull/