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Highlights
- Changpeng Zhao has cautioned against TST Memecoin project
- He warned community of new website and X account
- Memecoins are gaining intense popularity with even ETF proposal
Binance Founder and former CEO Changpeng ‘CZ’ Zhao has broken the silence on TST, a new memecoin sensation within the BNB Chain ecosystem. According to the Google translate version of his post on X, CZ informed community members that the TST memecoin now has a functional website and X account.
No TST Memecoin Ties to Binance
As CZ revealed on X, neither the created website nor the X account was made by the BNB Chain team. He also pointed out that the protocol or staff from the crypto exchange does not control this memecoin.
To offer a better perspective, CZ said the TST memecoin is likely under the control of someone in the community. However, he claims he does not know who this person is. He flagged a “problem,” using the Binance logo on the TST memecoin without authorization.
The Binance Founder said this is an infringement and it needs to change. Known as a person of influence in the ecosystem, CZ reassured that, like other memecoins, he has never bought and does not own any TST token.
He advised his 9.5 million followers to protect themselves and be responsible for their actions.
Is Binance Ecosystem Next for Memecoin Boom?
Many industry proponents believe memecoins have come to stay. With tokens on competing protocols making the rounds, the BNB Chain and Binance ecosystems have tried to play catch-up.
The hype around TST came from a tutorial conducted by the BNB Chain to showcase how these assets work. The token quickly gained popularity, with its market valuation jumping to $35 million within 4 hours. The token has further jumped over 22,000%, with the valuation crossing $100 million at its peak.
Despite the hype around TST, the Solana ecosystem remains the major hub for memecoins. It remains unclear what the impact of TST will be toward activating the memecoin ecosystem around the BNB Chain.
New Age for Memecoins With ETF
With memecoins now valued at $70 billion, asset managers are eyeing more ambitious products for these more volatile digital currencies. Tuttle Capital Management recently filed for a leveraged Dogecoin ETF product with the US Securities and Exchange Commission (SEC)
Besides Tuttle Capital, Rex-Osprey is also pushing for different memecoin ETF products featuring BONK and TRUMP, among others. While the prospects of approval for these ETF products remain low, according to analysts, they signal how mature the asset classes are.
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