Key Notes

• TST fell over 68% in 15 minutes amid soaring trading volume.
• Open interest on Binance dropped 34% in the past day.
• Analysts suspect manipulation mimicking earlier pump-and-dump patterns.

The Test Token (TST), a meme coin that originated from a Binance tutorial, nosedived this morning in a massive 15-minute selloff. The token plunged from $0.04960 to $0.01547, losing over two-thirds of its value, before settling near $0.0273 at the time of writing.

This dramatic dip came with a 1,000% spike in trading volume, currently standing at $136 million. According to data from CoinGlass, TST open interest has dropped over 25% to $27 million in the past day, with Binance seeing a decline of more than 34%.

TST was initially created as a demonstration token in a BNB Chain tutorial earlier this year. It gained traction after the accidental reveal of its contract address in a demo video. Despite being a valueless example, it transformed into one of the top meme coins and even reached an all-time high of $0.5244 in February.

The price is now down 95% from that peak, and the recent crash resulted in speculations of a pump-and-dump scheme. Crypto analyst Jason Chen linked the TST dump to a familiar pattern seen with other tokens like ACT and Mas.

“[Hidden insiders] create long sideways actions to fake accumulation, then pump the price so people FOMO in, and finally crash it with a brutal dump,” Chen wrote in a translated post on X.

从ACT到Mask，再到TST，这些恶庄收割的套路都是长期横盘营造出一种底部吸筹的假象，然后突然拉一下让大家以为吸筹结束要启动了，于是猛猛冲进去，庄家瞬间直接砸盘50%完成暴力收割 pic.twitter.com/e3Wa0rk4QP

— 陈剑Jason 🐡 (@jason_chen998) August 7, 2025

It is important to note that previously, when TST saw a massive drop soon after its launch, Binance founder Changpeng Zhao (CZ) announced his desire to compensate the holders, despite denying any direct involvement with the token.

A Pattern of Collapse

TST’s fall now places it in the same league as other pump-and-dump cases amid an ongoing wave of manipulative schemes in the crypto market. Chainalysis earlier reported that in 2024, over 4.5% of newly launched tokens exhibited rug pull characteristics.

Earlier this year, Argentine President Javier Milei controversially promoted the LIBRA token, which skyrocketed from fractions of a cent to over $5 before crashing 85%. The crash had wiped out hundreds of millions in market cap and affected 74,000 LIBRA investors.

Similarly, influencer Haliey Welch’s HAWK token reached nearly $500 million in market value before a sudden collapse to just $25 million. The fallout sparked a lawsuit over alleged pump-and-dump tactics and insider trading.

Melania Trump’s meme coin, Official Melania Meme

MELANIA
$0.21



24h volatility:
0.1%


Market cap:
$145.01 M



Vol. 24h:
$5.88 M

, is facing rug pull allegations after several top holders cashed out by strategically adding and removing liquidity over time.

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A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.

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