A memecoin launched on the BNB Chain put up massive gains after top global crypto exchange Binance rolled out support for it.
In a new announcement, Binance says that it is adding support for Test (TST), a test token launched by the BNB Chain team for a tutorial video on how to create memecoins using its Four.meme launchpad platform.
Amid the listing news, TST soared to an all-time high of $0.5113 from its low of $0.02607. The memecoin has since retraced. TST is trading for $0.1717 at time of writing, down 43.7% in the last 24 hours.
With a market cap of $163.4 million, TST is the 353rd largest crypto project.
Some crypto whales trading TST are looking at massive profits, according to blockchain tracking firm Lookonchain.
“dingaling deposited all 1.79 million CHEEMS ($2.2 million) and 4 million TST ($1.74 million) into Binance [Sunday], making a total profit of ~$4.7 million…
After Binance announced the listing of TST, the price skyrocketed to $0.40! The whale we mentioned is cashing out on TST, and his profit has now exceeded $2.5 million!”
Binance is attaching a seed tag to TST, which the exchange applies to lower-liquidity projects that may exhibit higher volatility compared to other listed tokens.
Binance requires users who own assets with seed tags to pass quizzes every 90 days to ensure they’re aware of the risks before trading the tokens.
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Featured Image: Shutterstock/Alberto Andrei Rosu
