Market

Binance’s CZ Sparks TST Meme Coin Frenzy, Traders Reap Huge

Published

3 hours ago

February 6, 2025

Coin2049 Newsletter

Binance founder and former CEO Changpeng Zhao (CZ) inadvertently triggered a trading frenzy around a test token, TST. Interestingly, One lucky trader turned $35,000 into nearly $700,000, representing gains of almost 1,900%.

The news centers around Four.meme, which advertises as the first meme coin fair launch platform on Binance Smart Chain (BSC).

Binance’s CZ Claims Accidental Exposure

The incident stemmed from an educational video made by the BNB team demonstrating how to launch a meme token on the Four.meme platform. However, it resulted in an unexpected surge in the test token TST’s market capitalization.

Changpeng Zhao took to social media platform X (Twitter) to clarify how TST gained traction. He cited a now-deleted video tutorial posted on the Four.meme platform.

“In this video, we launched a token named TST as the example….,” CZ explained, citing a BNB Chain team member.

Following an accidental reveal by the BNB team, members of the Chinese crypto community identified the token and began actively trading and promoting it. CZ emphasized that neither he nor Binance exchange holds any of the tokens.

“This is NOT an endorsement from me for the token…no one on the team (or Binance) holds any of that token. This is NOT an official token by the BNB Chain team or anyone. It is a test token used just for that video tutorial,” he articulated.

Reportedly, a team member also deleted the private key for the tutorial wallet. However, this did little to stop speculators from jumping in, sending TST’s market cap to nearly $500,000 within hours.

Crypto analyst Ai shed light on an intriguing transaction. A trader, identified by the wallet address 0xeBB…74711c, purchased $35,000 worth of TST just minutes before CZ’s tweet. As the hype built up, the trader’s holdings skyrocketed to a floating profit of $657,000—a staggering 1,885% return. Ai speculated whether this was pure luck or if the trader had inside knowledge about the video leak.

“Lucky/smart money 0xeBB…74711c happened to open a position of 35,000 USD in tokens five minutes before CZ tweeted TST, andnow has a floating profit of 657,000 USD, with a return rate of 1885%! After CZ tweeted, he quickly added 2 BNB. He currently holds 28.82 million TST, making him the top 1 address. I am also impressed by his luck,” Ai remarked.

Adding to the speculation, crypto user 0xSun suggested that the address could be linked to a Binance Chain team member. This speculation fueled suspicions of potential insider trading.

Elliot’s Crypto, another industry veteran, pointed out that BNB community members saw an opportunity, piling in on the trade and fueling a meme-driven price surge.

“Let’s send it for the culture of BNB memes… I mean there could be huge opportunity on these levels. I had just a small bag at dip and still holding…it’s shared by BNB chain first on the video but community found the cat,” the user noted.

Meanwhile, CZ insists that the TST token was purely for demonstration purposes. Nevertheless, the incident reflects his and other industry leaders’ immense influence. Even an unintentional mention can send markets into a frenzy, reinforcing how unpredictable and volatile crypto markets remain.

TST price — TST Price Performance. Source: Gecko Terminal

Data on Gecko Terminal shows that TST remains well above its debut price with a market cap of $15.1 million at press time, but the price action shows continued profit booking.

Rise of Token Launchpads and Regulatory Scrutiny

Notably, Four.meme is a BNB chain-based platform that allows users to easily create and launch meme coins. It comes amid a growing trend of token launchpads, which enable users to easily create and launch new cryptocurrencies.

The launchpad joins an already competitive space. Players such as Solana’s Pump.fun, Tron’s SunPump and PancakeSwap’s SpringBoard are already in the market, lowering the barriers for token creation and fostering an explosion of meme coins.

However, the increasing popularity of these platforms has drawn regulatory scrutiny. The UK’s Financial Conduct Authority (FCA) recently warned against Pump.fun. BeInCrypto reported that the regulator cautioned that it may be operating in violation of financial laws.

Additionally, Pump.fun has faced backlash for enabling harmful live streams. Here, bad actors exploited the platform to mislead and manipulate retail investors.

As token launchpads continue to grow, regulatory oversight is expected to increase. Authorities seek to prevent manipulation and protect investors from bad actors.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Related Topics:Binances Coin frenzy huge Meme Reap Sparks traders TST

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Market

Bybit Returns to India After Paying $1 Million Fine

Published

40 minutes ago

February 6, 2025

Coin2049 Newsletter

Bybit is resuming operations in India after registering in accordance with local regulations and paying a $1 million fine. The exchange temporarily left in January, citing changing licensing requirements.

Indian political figures have recently advocated for liberalizing the nation’s crypto laws, and Bybit wants to contribute. It joined a local Web3 association and partnered with blockchain societies at several major universities.

Bybit Returns to India

Bybit, the second-largest crypto exchange in terms of daily trading volume, is resuming services in India. The firm temporarily suspended trading services in the country around a month ago, citing changing regulations.

Specifically, India’s Financial Intelligence Unit (FIU-IND) required that Bybit receive licensing to prove compliance and pay a $1 million fee. According to a new press release, this has now been achieved:

“Bybit is committed to operating within the regulatory framework of India and takes its compliance obligations seriously. We have been working diligently with the FIU-IND to address their concerns and ensure full adherence to the Prevention of Money Laundering Act (“PMLA”) and associated regulations,” the press release claimed.

Bybit’s CEO also shared these developments on social media. This is a rather positive development for the crypto exchange, as India remains one of its key markets in Asia.

In addition, Bybit continues to face several regulatory hurdles worldwide. In November, Japan warned Bybit to register its operations, and customers in France can no longer withdraw any assets.

Still, Bybit isn’t the only exchange with disputes with India. Binance recently owed the Indian government $85 million in taxes, and other exchanges like WazirX faced similar scrutiny.

Also, the current government does not seem to have a very pro-crypto vision. Last year, Indian regulators strongly advocated banning Bitcoin and other assets to favor the nation’s CBDC.

However, this attitude may be changing. Earlier this week, India’s Economic Affairs Secretary suggested loosening the country’s crypto restrictions, claiming that cryptoassets “don’t believe in borders.”

“Bybit officially registers with India’s financial regulator and settles pending fines. Full operations license expected soon. Another W for crypto adoption in India, but get ready for that sweet 30% tax + 1% TDS,” wrote Budhil Vyas, a local crypto influencer.

The industry is dramatically growing worldwide, and India doesn’t want to lose out. This might help explain Bybit’s speedy return.

In any event, it’s difficult to predict big-picture political changes like that from here. For now, Bybit is back in business and is carrying out a few endeavors to reach India’s crypto community.

These include partnering with several university-based blockchain societies, becoming a member of the Bharat Web3 Association, conducting workshops and hackathons, and more.

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Market

XRP Holders On The Path To Millionaire Status

Published

2 hours ago

February 6, 2025

Coin2049 Newsletter

Este artículo también está disponible en español.

A market expert has boldly proclaimed that all XRP holders might ultimately become millionaires.

XRP: Historical Parallels With 2017 Surge

Steph’s optimistic predictions are largely based on the performance of XRP during the 2017-2018 bull run. In that period, the altcoin saw a meteoric rise, increasing by 802% from March to May 2017.

This surge followed a relatively quiet period, with the coin initially lagging behind other cryptocurrencies. XRP has once more exhibited remarkable increase fast forward to 2024, rising by nearly 570% from November 2024 to a top of $3.4 in January 2025.

All #XRP holders will become millionaires.

No exceptions. pic.twitter.com/zoLebdj8um

— STEPH IS CRYPTO (@Steph_iscrypto) February 5, 2025

If history is any indication, Steph thinks the altcoin is only halfway toward its expected ascent. According to the analyst’s examination, a second ascent might drive the asset considerably higher, maybe reflecting the price movement registered in 2017.

The Road To $50,000 Per Token

Many XRP holders wonder if such a rally will turn them into millionaires. The study indicates that, although still rather hypothetical, there is a big possibility. For instance, the price per token would have to be $50,000 if one wanted a 20 XRP ownership to be worth $1 million.

XRPUSD is currently trading at $2.43. Chart: TradingView

In the same vein, a 500 XRP-holder would need the price to reach $2,000 to make their holdings worth $1 million. Although these figures are staggering, they show the significant influence a large surge could have on portfolios of holders. However, whether such price levels are realistic is still uncertain.

Deviation From 2017 Path: A New Fractal?

Not every researcher shares Steph’s hope. Examining XRP’s present price movement closely reveals some variations from the 2017 trend. XRP dropped significantly from its January high of $3.4, lately falling below $3.

$XRP

In my opinion, 2017 is now irrelevant

I see many trying to pinpoint comparison to 2017 still, I think it’s a waste of time

The fractal has broken. We are in a new era and game now…

Sometime the rear view helps, but not anymore IMO pic.twitter.com/03ePoONaNV

— Dom (@traderview2) February 4, 2025

Analyst Dom has claimed that XRP might not go the same route as it did in 2017, suggesting a fractured fractal. Should this be the case, the cryptocurrency may be on a fresh path where future expansion is not correlated with historical price trends.

PEPE Struggles Against Strong Resistance, Bearish Pressure Intensify

Published

4 hours ago

February 6, 2025

Coin2049 Newsletter

PEPE price is facing renewed bearish pressure as it struggles to break above the critical $0.00001152 resistance level. The recent failure to push higher has left the token consolidating, hinting at a possible downward move if buyers fail to regain control. With market sentiment tilting in favor of the bears, traders are bracing for what could be another wave of selling.

If bulls cannot generate enough momentum, PEPE may slip further, testing lower support zones in the coming sessions. The battle between buyers and sellers at this level will be crucial in determining the token’s next major move.

PEPE Consolidation Near Resistance: A Breakdown Or Rebound?

Pepe’s price action remains trapped in a consolidation phase just below a crucial resistance level, indicating market indecision. Its recent failed breakout attempt highlights the strength of sellers in this zone, preventing bullish momentum from taking over. As the price struggles to push higher, the risk of a potential breakdown increases, especially if bearish pressure intensifies.

The price continues to trade below the 4-hour Simple Moving Average (SMA), reflecting that the meme coin is still under negative pressure. This price action suggests that the market sentiment remains tilted toward the downside, as the failure to break above the SMA highlights a lack of buying strength.

Furthermore, the Relative Strength Index (RSI) is trending below the 50% threshold, further supporting the bearish outlook. Usually, the RSI’s position below this key level indicates that the selling pressure is currently stronger than the buying, with the market leaning more toward the downside.

Further downward movement remains high until the price can break through the 4-hour SMA and the RSI sustains a move below the 50% key level.

Crucial Support Zones In Focus As Selling Pressure Rises

With selling pressure mounting in the market, $0.00000766 is the initial support level to watch. Historically, this level has proven to be a critical price point, acting as a psychological and technical barrier. If the price can maintain above this level, it could signal that buyers are still holding the line, offering a potential for stabilization or even a rebound.

Should selling pressure persist, the $0.00000589 mark will be the next key area to watch. This support level represents a deeper point of defense for PEPE, and its ability to hold might be crucial for preventing a more significant downturn. A drop below $0.00000589 would be concerning, as it can expose the price to a possible extension of the bearish trend, causing traders to reevaluate their positions.

However, if the price remains above the $0.00000766 level, it may pave the way for a surge toward the $0.00001152 resistance level as buyers remain in control. A break above this level points to further gains, with the price targeting $0.00001313 and moving above the 100-day SMA.

PEPE

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