The Binance-listed TST token’s price fell dramatically over 68% on the exchange earlier today, dropping from $0.04960 to a low of $0.01547 in just 15 minutes. Launched on the BNB Chain, the token’s market cap fell from nearly $46 million to merely $21 million.
According to Coinglass data, TST’s open interest dropped substantially in the recent 24 hours, plummeting by more than 35% across all exchanges. Meanwhile, Binance, the biggest exchange for TST trading, had an even bigger reduction of more than 40% quickly.
Currently, the open interest for TST sits at $25.86 million. Binance holds the majority of it, amounting to 570 million TST—worth nearly $15 million, representing 58% of the total. These statistics indicate a significant retreat from market participants amid the recent price collapse.
While the price has recovered somewhat after the crash, TST continues to trade near $0.02706, down 33% in the past 24 hours, as per CoinMarketCap data. The trading volume TST has surged by staggering 1,200% to $145 million, indicating increased activity as the traders scrambled to sell or buy amidst the volatility.
Background and Rise of TST
Earlier this year in February, the BNB Chain team accidentally disclosed the TST token in an instructional video. Although designed as a test token, its temporary existence drew the attention of traders and Chinese influencers.
Despite lacking official backing, it quickly gained traction and surged tremendously in price with its market capitalization reaching over $37 million. However, the market cap dropped by 32.8% as of today, standing at approximately $25 million.
Also Read: This Investor Turned $500K into $2.5M with TST Tokens
