BNB Chain Memecoin Surge

A BNB Chain test memecoin (TST) surged past $52 million in market cap before dropping to over $15 million after a post by Changpeng “CZ” Zhao, Binance’s founder and former CEO.

Zhao’s post announced a tutorial video made by the BNB Chain team on launching memecoins via the Four.Meme platform, using TST as an example. The video unveiled TST’s name, leading to a spike in trading activity, especially among Chinese crypto key opinion leaders (KOLs), known for influencing market trends.

Subsequently, the BNB Chain team deleted the video and the private key for the creator address, which held 0.13% of TST’s supply. Zhao suggested reinstating the tutorial, clarifying, “It is what it is. This is NOT an endorsement from me for the token,” and added, “Happy trading!”

Zhao also stated that TST is not an official BNB Chain token, with neither Binance nor the BNB Chain team holding any.

TST’s price has increased by over 22,500%, reaching a peak price of $0.0517 and achieving a maximum market cap of around $52 million.

Earlier in the month, Zhao returned to Binance Labs, now known as YZi Labs, to engage actively in investment activities after serving four months in U.S. prison for money laundering. YZi Labs is dedicated to investments as a family office, named after Zhao and co-founder Yi He.