- TST surges after CZ rumors; Binance founder denies involvement, emphasizing his focus on fundamentals over speculation.
- Four.meme tutorial sparks TST’s rise in China, boosting market cap despite lacking official ties to Binance.
The crypto market remains unpredictable, yet memecoins continue drawing attention. Test (TST), a Binance Smart Chain-based token, recently surged amid speculation linking it to Binance founder Changpeng Zhao (CZ). On June 28, CZ dismissed rumors of involvement, stating on X: “I am a builder. I always focus on fundamentals.” He clarified he played no role in TST’s Binance listing, adding:
“I don’t know for sure” how the token gained traction.
TST’s origins trace to an educational video demonstrating Four.meme, a tool for creating BNB Chain memecoins. The tutorial, initially removed then reposted, sparked interest in Chinese crypto circles. This led to rapid price increases, with TST’s market capitalization climbing despite lacking formal ties to Binance.
CZ reiterated that mentioning the token did not signal endorsement, stressing neutrality: “Not ‘into’ something doesn’t mean I am against it.” He compared his stance to abstaining from luxury cars or art without condemning them.
Memecoins overall maintain momentum
CoinGecko data shows the sector’s market cap at $76.4 billion, fluctuating minimally in 24 hours. However, critics argue these assets prioritize speculation over utility.
Ethereum co-founder Vitalik Buterin has cautioned against celebrity-driven tokens, urging projects to prioritize tangible use cases. Recently, he extended warnings to political figures leveraging crypto, flagging risks of misuse for undisclosed financial activities.
The TST episode underscores broader tensions. While some investors chase volatility-driven gains, industry leaders advocate balancing innovation with accountability. CZ’s remarks reflect a divide: builders emphasizing core blockchain development versus traders capitalizing on short-term trends. Meanwhile, exchanges like Binance face scrutiny over listing processes, particularly when tokens gain attention through unverified associations.
Regulatory concerns persist
Buterin’s warnings align with growing calls for clearer guidelines to separate speculative assets from projects addressing real-world needs. For now, the sector’s ability to thrive amid uncertainty keeps it at the center of crypto’s narrative—a blend of risk, opportunity, and unresolved debates.
The current price of Ethereum (ETH) is $2,645.2 USD, reflecting a 0.63% increase in the last 24 hours. Over the past week, the cryptocurrency has dropped by 7.85%, while in the last month, it has lost 19.03% of its value. Despite these recent declines, Ethereum has still shown a 5.72% increase over the past year.
Ethereum’s market capitalization currently stands at $318.75 billion, with a 24-hour trading volume of $20.50 billion. Its circulating supply is 120.54 million ETH, with no maximum supply set. The all-time high remains $4,868.8 USD, reached in November 2021.
From a technical perspective, Ethereum is at a critical level. Indicators show mixed signals, with oscillators in neutral territory and moving averages lacking a clear trend. The current support level is around $2,600, while the next major resistance is at $2,900.
If the price holds above this support, we could see a rebound toward that resistance level in the short term. However, if selling pressure continues, Ethereum could drop to $2,400 or even $2,200.
