TST Token Plummets 68% in 15 Minutes—What Triggered the Crash?
A sudden sell-off sent shockwaves through the TST market as the token nosedived 68% in just 15 minutes—no slow bleed here, just a full-blown liquidity crisis.
Whale dump or protocol flaw? The charts don’t lie: someone hit the panic button hard. Liquidity pools evaporated faster than a meme coin’s utility.
Meanwhile, traders scrambled like rats on a sinking ship—stop losses triggered, leverage positions liquidated, and the usual ‘buy the dip’ crowd went suspiciously quiet. Classic crypto theater.
And let’s not forget the irony: another ‘stable’ asset proving anything but. DeFi’s self-correcting mechanisms? More like self-combusting.
The TST (Test Token) is caught in a brutal pain cycle after a swift and severe breakdown on Binance, marked by capitulation-level volume, a wipeout in open interest, and a sharp MACD reversal signaling full risk-off. In just 15 minutes, the token collapsed by over 68%, falling from $0.04960 to $0.01547, triggering mass liquidations and panic exits.
With no signs of social or whale support stepping in, the selloff deepened. Though TST later rebounded to around $0.02498, the 24-hour damage remains heavy at -38%, leaving the market shaken and uncertainty high.
Open Interest Collapses as Liquidations Unleash
Data from Coinglass shows TST open interest fell by over 35%, with Binance-specific contracts declining more than 40%. The sharp decline followed a surge in open interest earlier in the day, where a single $102 million position was placed, nearly double the prior OI total and sparking a liquidation cascade. Over $4.47 million worth of TST positions were liquidated within hours, with 98% being long trades wiped out in the crash.
Whale Activity, Hype & Supply Gaps
Top traders flagged the $102 million ocean, reporting sharp upticks in funding rates across exchanges like Bybit. Many suspect a lone whale triggered the sell-off, pumping up volume before triggering the collapse.
Although the token had briefly surged on rumors of Binance support, official channels, including CEO Changpeng Zhao, denied any affiliation. The rumors pushed TST to $0.52 before crashing, echoing prior patterns of rapid price pulls in Binance-listed tokens.
Market Reaction & Technical Breakdown
On Binance Square alerts, analysts confirmed the bearish structure: TST broke support at $0.04708, slipped below short-term moving averages (MA7, MA25, MA99), and saw volume decline, signals all pointing downward. Suggested support levels were noted at $0.0425 and $0.0396, with sustained weakness risking a deeper fall toward $0.0408 or lower.
Liquidations Wipe Out Longs
TST saw the third-largest liquidation total in the market over the last 12 hours, trailing only ethereum and Bitcoin. Over $4.47 million in positions were liquidated, with 98% of that being long positions, highlighting the one-sided nature of the wipeout.
Short sellers weren’t spared entirely, however, with around $63,230 in shorts liquidated during the swift rebound. Meanwhile, the trading volume surged over 1,000%, reaching approximately $242.94 million, while market capitalization plunged 32% to $25.9 million.
