KEY TAKEAWAYS

• Test token crashed 45% within minutes, leaving the crypto community wondering what went wrong.

• TST’s price is below $0.026, with key indicators like the BBP and 20 EMA showing bearish momentum.

• Binance co-founder CZ or the Test team have not commented on the latest crash as of this writing.

Out of nowhere, the Test (TST) tokenized from a BNB Chain tutorial on the Four.meme launchpad, plummeted by up to 45% in minutes. Earlier today, the TST price was $0.045.

As of this writing, the meme’s market value is near $0.026, and the community is still searching for answers. While it remains unclear what caused the crash, it does not seem like TST’s price will bounce soon.

Here is why.

Test Goes From $200M to $25M

For those unfamiliar with the token, TST was never meant for public trading. It debuted in a Four.meme tutorial video that showed how to mint a memecoin.

Yet a single frame revealing the token’s name ignited a meme frenzy, triggering a wave of speculative buying. Speculators piled in, and TST’s market cap soon surged into the millions.

Binance co-founder Changpeng “CZ” Zhao tweeted about TST — not to endorse it, but to explain its origin as a tutorial example. Ironically, his clarification only intensified the hype, launching TST into full-blown memecoin mania.

By Feb. 9, the Test token hit an all-time high of $0.52. But today, the coin collapsed, and the market cap, once over $200 million, has dropped to $25 million.

Our findings indicate that increased selling pressure triggered the token’s decline. Just yesterday, the Test token trading volume hovered below $10 million.

Today, however, volume has exploded past $150 million.

This surge in volume, paired with a falling price, points to a heavy wave of distribution. In other words, many holders are offloading their tokens, creating overwhelming demand and lowering prices.

High volume during a price drop typically signals firm conviction among sellers, suggesting that many participants exit their positions rather than buy the dip.

So, the correction may continue unless buying pressure re-enters to absorb the supply.

TST Price Drops Below 20 EMA

From a technical standpoint, the 4-hour chart reveals that the Bull Bear Power (BBP) indicator has slipped into negative territory, signaling that bearish momentum currently outweighs bullish strength.

This position suggests sellers have gained the upper hand, increasing the likelihood of continued downside pressure unless bulls reassert control.

If this remains the same, the Test token price might be $0.32, which is key support for the memecoin. Besides that, the TST price has dropped below the 20-period Exponential Moving Average (EMA).

In addition, TST has broken below the 20-period Exponential Moving Average (EMA) on the 4-hour chart—a key short-term trend indicator. This breakdown reinforces the bearish outlook, as it suggests a shift in momentum away from recent upward price action.

When price trades below the 20 EMA, it signals increased selling pressure and the potential for further downside unless a quick recovery occurs. However, if demand for TST rises amid this drop, the trend might reverse to the upside.

At the same time, many holders appear to be waiting for a statement from CZ to clarify the situation.

However, as of the time of publishing, neither the former Binance CEO nor the Test team has issued any public comment.