TST Token’s Market Value Drops by 68%: Here’s Why

The TST token experienced a dramatic drop during early Asian trading hours today. The price declined by more than 68% to hit a new all-time low (ATL).

This decline follows a pattern of volatile price action for TST, which has experienced massive spikes and sharp downturns since its launch.

TST Token’s Price Drops to All-Time Low

In a recent post on X (formerly Twitter), Wu Blockchain highlighted that TST dipped from $0.04960 to $0.01547 within minutes. The latter marked a new record low for the token.

“TST open interest has dropped over 35% in the past 24 hours, with Binance seeing a decline of more than 40%,” Wu Blockchain revealed.

TST Token Price Drop. Source: TradingView

After the low, the price saw a modest recovery. At the time of writing, TST’s trading price was $0.027, down 33.4% over the past day. The price dip also erased millions of dollars of the altcoin’s market value.

The market cap went from $44.7 million to $23.4 million, before rising again to around $25 million at press time. According to CoinGecko, this shift has displaced TST from its position as the fifth-largest Four.Meme ecosystem coin, with CZ’s Dog (BROCCOLI) overtaking it.

Despite this, TST maintained its lead as the largest token by volume in the Four.Meme ecosystem. Data from CoinGecko showed that the volume surged to nearly $130 million, representing an approximate 1,300% increase over the past day, with 36.5% of the volume originating from Binance. This indicates heightened trading activity within the market.

Notably, TST is no stranger to sudden price surges and dips. It was initially deployed as a test token on the BNB chain as part of a tutorial on launching meme coins on Four.Meme.

The token gained significant attention following a social media mention by former Binance CEO Changpeng Zhao (CZ) in early February, causing the price to surge. Nonetheless, it shed most of its gains soon after.

Later in the month, CZ’s decentralized exchange (DEX) trade using TST triggered a 50% price pump. Yet again, the rise was unsustainable. In May, BeInCrypto reported that the price had crashed by 40% following a large-scale sell-off. Today’s collapse appears to follow a similar pattern of volatility.

Meanwhile, the downturn comes amid a broader slowdown in the Four.Meme ecosystem. Data from Dune Analytics revealed that daily fees have consistently declined over the past months.