The Binance Smart Chain (BSC)-based meme coin, TST, has jumped nearly 50% in the past 24 hours, reaching a one-week high.

The price spike comes after Binance co-founder Changpeng Zhao (CZ) conducted his first-ever decentralized exchange (DEX) trade involving the token.

CZ Trades on a DEX for the First Time Using TST

On February 22, CZ executed his first-ever DEX trade, purchasing TST and providing liquidity.

He admitted facing difficulties since he had never used a DEX before, having always traded on centralized exchanges (CEX).

“I wanted to put a few BNB in TST liquidity pool, as a test. I had seen demos of Pancake before. It looked so simple. I thought how hard could it be? But I forgot my IQ level,” Zhou stated.

Despite stepping back from Binance’s daily operations, Zhou’s actions continue to shape market sentiment. His unexpected move has sparked speculation across the crypto community. Some users on X believe it hints at a potential new Binance-related product or initiative.

Meanwhile, the Binance founder stated that his goal was to contribute Binance Coin (BNB) to the TST liquidity pool, but navigating the unfamiliar interface proved challenging. Liquidity providers help facilitate trades and, in return, receive a share of transaction fees.

Blockchain analytics platform Lookonchain reported that CZ spent 1 BNB (worth $660) to acquire 5,388 TST. He later contributed 1,111 TST and 0.096 WBNB (worth $64) to the liquidity pool.

“I didn’t follow any video tutorials. I kinda wanted to see what a first experience would be like. As a noob, I have to say the DEX experience can be improved, a lot! The error messages don’t make any sense. There are probably bots trying to front run my public address (or any large transaction I suspect). And why can everyone watch what I was doing in real time?” CZ wrote on X (formerly Twitter).

Following his DEX trade, TST’s value surged by over 50%, showing how influential his involvement remains.

However, the token still trades significantly below its all-time high of $0.47, recorded on February 9.

TST was initially launched as a test token by BSC meme coin deployer Four.Meme. CZ’s social media mention of the asset brought significant attention.

While some view it as an experimental trade, critics argue that his involvement inadvertently boosted engagement on the BNB Network.

Ethereum (ETH) has shown signs of recovery after a sharp decline caused by the Bybit hack, which impacted its price. Despite this bounce back, ETH is still down nearly 18% over the past 30 days, reflecting continued volatility.

Notably, ETH’s RSI has rebounded to 58.6 from a low of 39.2 during the sell-off, indicating renewed buying pressure. This recovery in RSI suggests that market sentiment is gradually improving, potentially setting the stage for further price gains if momentum persists.

ETH RSI Has Recovered From the Recent Dip

ETH’s RSI is currently at 58.6, a notable increase from the 39.2 level it reached after the Bybit hack significantly impacted its price.

The recovery in RSI reflects the buying momentum ETH has gained since the sharp decline.

This upward movement in RSI suggests that buying pressure has returned, helping Ethereum price stabilize and potentially paving the way for further price gains if momentum continues.

RSI, or Relative Strength Index, is a momentum oscillator that measures the speed and change of price movements. It ranges from 0 to 100, with thresholds at 30 and 70.

An RSI below 30 is generally considered oversold, indicating potential buying opportunities, while an RSI above 70 is considered overbought, signaling a possible price correction.

ETH’s RSI is currently at 58.6, positioned in a neutral zone but leaning towards bullish momentum. This level suggests Ethereum still has room to grow before reaching overbought territory, potentially leading to continued price appreciation as buying interest remains steady.

Ethereum Whales Accumulated After Bybit Hack

The number of Ethereum whales – addresses holding at least 1,000 ETH – has been rising steadily over the past month, increasing from 5,680 on January 25 to 5,828 on February 22.

This marks the highest level since December 2023, signaling renewed interest and accumulation among large holders. The increase in whale addresses suggests that institutional investors or high-net-worth individuals are building positions, potentially anticipating future price gains, especially between February 21 and February 22, when ETH prices decreased following the Bybit hack.

This growing accumulation could provide a solid foundation for ETH’s price to rise.

Tracking Ethereum whales is crucial because their buying and selling behavior can significantly impact the market.

When whales accumulate, it reduces the circulating supply, potentially driving prices up as demand meets reduced availability. Conversely, when they sell, it can create significant downward pressure on prices.

Currently, the rise in whale addresses indicates growing confidence and a bullish sentiment among large investors.

Although this is the highest level since December 2023, it is still relatively low compared to historical data. This suggests there is room for more accumulation. If this trend continues, it could lead to a sustained upward movement in ETH price as demand outpaces supply.

Will Ethereum Finally Rise Back Above $2,900?

Ethereum’s EMA lines suggest that a golden cross could form soon. A golden cross typically signals a bullish trend and potential upward momentum.

If this occurs, Ethereum could first test a price level near its long-term line (the blue line in the chart) around $2,876. Breaking this resistance could open the door for a move to $3,020.

If the uptrend continues with strong momentum, ETH could even reach as high as $3,442.

However, ETH has struggled to reclaim levels above $2,900 in recent attempts, signaling possible resistance and market hesitation.

If it fails to break through once more and a downtrend begins, ETH price could test the $2,551 support level. Losing this support could result in a sharper decline, potentially falling to $2,159.

Bybit has unveiled a $140 million bounty program as part of its efforts to trace and potentially recover $1.4 billion in stolen funds.

This initiative comes alongside the recent recovery of over $43 million worth of cmETH and USDT linked to the incident.

Bybit Engages Ethical Hackers in $140 Million Bounty Initiative

On February 22, Bybit announced a bounty program aimed at engaging ethical hackers and cybersecurity specialists to help recover the stolen assets.

Bybit has pledged up to 10% of the recovered funds as a reward. If the full amount is retrieved, contributors could receive as much as $140 million.

The exchange will distribute the bounty among individuals who provide valuable intelligence or play a direct role in asset recovery.

Bybit CEO Ben Zhou highlighted the strong response from the crypto community. He noted that industry experts and organizations have already stepped forward to assist.

He emphasized the importance of collaboration in countering cyber threats and reaffirmed Bybit’s commitment to strengthening its security infrastructure.

“We want to officially reward our community who lent us their expertise, experience and support through the Recovery Bounty Program, and our efforts to make this difficult lesson a valuable one does not stop here. Bybit is determined to rise above the setback and fundamentally transform our security infrastructure, improve liquidity, and be a steadfast partner to our friends in the crypto community,” he added.

Over $43 Million in Stolen Funds Recovered

Alongside the bounty announcement, efforts to reclaim lost assets have already yielded results. More than $43 million worth of digital assets has been secured, with key industry players stepping in to prevent further losses.

Mudit Gupta, Chief Information Security Officer at Polygon, confirmed the recovery of 15,000 Mantle Restaked Ethereum (cmETH), worth approximately $43 million. He stated that the retrieval was made possible through a collaboration with the SEAL and Mantle teams.

Gupta explained that they identified a security gap within the protocol, which enabled them to recover the assets.

“I saw the recovery possibility soon after the hack and SEAL connected me with Mantle/mETH team who made it happen. Huge shoutout to SEAL, Mantle, and mETH teams for their quick action,” Gupta stated.

In a separate statement, the Mantle team confirmed that it blocked the exploiter’s address using the protocol’s eight-hour withdrawal delay. This measure prevented further unauthorized transactions and secured the stolen funds.

Additionally, stablecoin issuer Tether froze $181,000 in USDT linked to the hack. While the amount is relatively small, Tether CEO Paolo Ardoino stressed the significance of industry cooperation in limiting financial losses.

“We just froze 181,000 USDt connected to the ByBit hack. Might not be much but it’s honest work. We keep monitoring,” Ardoino said.