Changpeng Zhao’s X post sends BNB Chain test memecoin soaring 10,000%

A test memecoin (TST) built on BNB Chain saw an explosive 10,000% surge after a social media post by former Binance CEO Changpeng Zhao.

According to data from Four.meme, TST’s value briefly spiked to $0.0488 following Zhao’s post before dropping to $0.0085 at press time. The token reached a market cap of $52 million at its peak but has since fallen below $10 million.

TST

In a Feb. 6 post on X, Zhao clarified that TST was created for an educational video by the BNB Chain team on how to create memecoins. He added that the video unintentionally revealed the token’s name, which led to unexpected trading activity, especially among Chinese crypto influencers.

In response, the BNB Chain team deleted the video and the private key associated with the token’s creator address, which controlled 0.13% of TST’s supply.

However, Zhao suggested restoring the tutorial while clarifying that neither he nor Binance endorsed the token. He stated:

“This is NOT an official token by the BNB Chain team, or anyone. It is a test token used just for that video tutorial. Nothing more.”

Speculative trading

Despite its test status, TST has gained traction on exchanges like MEXC, attracting speculative traders. Blockchain analysis by Lookonchain revealed that an early trader initially spent 4 BNB ($2,353) to acquire 54 million TST.

However, as prices fell, he panic-sold 27 million TST for 37 BNB ($22,000) but reinvested 16 BNB ($9,000) to buy back 13 million TST.

Following Zhao’s post, the trader capitalized on the price surge, selling 14.65 million TST for 595 BNB ($350,000). He now holds 25.4 million TST worth approximately $845,000.

The trader has over $1.2 million in profit on the BNB Chain TST token as of press time.