TST’s value plummeted over 40% almost instantly after an anonymous whale sold $6-7 million worth of the token. The asset’s total market cap was $55 million, highlighting the size of this user’s position.
Social media users quickly accused Changpeng “CZ” Zhao or other Binance insiders of being the whale without a shred of proof. Shock is understandable, but witch hunts won’t help anyone regain their positions.
Coinglass’ trading data provides some valuable insights. TST’s trading volume is up over 800% in the last 24 hours, highlighting that one whale alone had a tremendous impact.
Most of this volume was concentrated in Binance’s spot and futures markets, which the whale used to exit their position. TST’s market cap fell almost $20 million in an instant.
One extra twist is the sudden level of blame and finger-pointing from the token’s supporters. Who was this whale, and how did they get such a major chunk of TST?
“Binance and CZ keep dumping on their users along with market maker Wintermute. A few months back, Wintermute dumped ACT by 70% in just a few moments. Now, TST, another scam shilled by CZ, went down almost 50%. Binance has been milking their users since they gave $4 billion to the SEC last year,” one user claimed.
To be clear, there is no evidence of CZ’s involvement. Still, social media is rife with accusations that he or another Binance insider was the TST whale.
Meme coin enthusiasts have attacked the platform after many unexpected market moves, like the aforementioned ACT crash.
Without any clearer proof, these accusations look like mere hysteria. One whale caused TST to move more in an instant than it has in over a month. A little panic is understandable, considering the circumstances.
Unfortunately, nobody else has proposed a serious alternative hypothesis yet. Hopefully, some post-mortem blockchain analysis will illuminate some details about the TST whale’s identity.
Until then, traders should remember that the meme coin market is extremely risky. That risk doesn’t justify baseless accusations.
Earlier today, Israel launched a ‘pre-emptive strike’ on Tehran and declared a state of emergency. This rapid escalation of the conflict drove the crypto market into a freefall.
Over the past 24 hours, total liquidations amounted to $1.15 billion. Additionally, the overall market is down by 6.6%.
Crypto Market Plunges Amid Israel-Iran Conflict
According to CNN, Israel’s strikes targeted Iran’s nuclear program and missile capabilities, affecting dozens of locations. The attack reportedly eliminated Iran’s top military leaders and senior nuclear scientists. It was confirmed that General Hossein Salami, the Commander-in-Chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), was killed.
“Iran’s state television says Deputy Commander in Chief of all Armed Forces, General Gholam Ali Rashid, has been killed, along with nuclear scientist Fereydoon Abbasi,” The Kobeissi Letter posted.
To prepare for potential retaliation, Israel has declared a state of emergency, closing schools, banning gatherings, and mobilizing tens of thousands of soldiers.
Furthermore, Iran is preparing a ‘lethal‘ response against Israel following the attacks. It has already appointed General Vahidi, the former head of the Quds Force, as the new commander of the IRGC.
Admiral Habibollah Sayyari has succeeded the late General Bagheri as the acting Commander-in-Chief of the Armed Forces of the Islamic Republic of Iran.
Statement No. 1 of the General Staff of the Armed Forces
In the early hours of Friday, 23 Khordad (June 12), the Zionist regime carried out an aggressive and reckless attack on several areas of the country, including both civilian and military zones. This assault resulted in… pic.twitter.com/TyQtkxPMmU
The rising tension between the two nations has caused significant turbulence in the market. Dow Jones Industrial Average futures fell by 1.3%, S&P 500 futures dropped 1.4%, and Nasdaq 100 futures plunged by 1.6%.
Nine of the top ten coins saw losses over the past day. Bitcoin (BTC) nosedived from over $108,000 to $104,112. However, altcoins suffered the harshest blow.
Crypto Market Cap Post Israel’s Attack On Iran. Source: BeInCrypto
Solana (SOL) lost nearly 10% over the past day. Ethereum (ETH) trailed closely with a 9.3% downtick. Among the top 100 coins, Fartcoin (FARTCOIN) and Ethena (ENA) stood out for double-digit losses of 17.3% and 15.9%, respectively.
These declines forced 247,769 traders out of their positions over the past 24 hours. According to Coinglass data, $1.15 billion has been liquidated from the crypto market.
Bitcoin faced $427.75 million in long and $19.10 million in short liquidations. Ethereum followed with $244.74 million in long liquidations and $43.57 million in short liquidations, highlighting the scale of market turmoil.
Nonetheless, the conflict drove oil and gold up. Oil prices spiked by more than 10%. U.S. West Texas Intermediate rose to $74.99 per barrel, marking a 10.21% uptick.
The global benchmark Brent increased by 10.28% to $76.48 per barrel. Gold also gained 1.2% to reach $3,426.
Analysts Divided Over Israel-Iran Conflict’s Impact on Crypto
As Iran prepares for retaliatory actions, it’s clear that the impact will be felt across markets. Amid this volatility, the cryptocurrency market, particularly Bitcoin, has become a focal point of debate among analysts.
“Bitcoin’s failure to rise against gold—despite over 3.5 years of hype, including a dozen ETFs, Super Bowl ads, El Salvador, NFTs, tens of billions of leveraged buying by MSTR, other Bitcoin treasury companies, the election of a Bitcoin president, and the establishment of a Bitcoin Strategic Reserve—is strong evidence that the bubble has peaked,” Schiff said.
Another analyst echoed his view, claiming that Bitcoin is not a safe haven but more akin to a tech stock.
“It is important to understand that Bitcoin shows its true colors as Israel attacks Iran. It is not an alternative-currency, it is not a safe haven, it is a risk asset, just like another tech stock, that will decline when the market goes to a risk-off posture,” the post read.
However, crypto advocate Anthony Pompliano maintained an optimistic outlook. Drawing parallels to an earlier incident when Iran launched 300 missiles at Israel, Pompliano noted that Bitcoin rebounded to outperform both oil and gold.
“Bitcoin ended up outperforming the other two over the first 48 hours in that situation. Will be interesting to see what happens here,” Pompliano stated.
Moreover, a recent BlackRock report revealed that while Bitcoin may underperform in the short term during geopolitical shocks, it has historically rallied double digits within 60 days post-crisis, outpacing gold and equities.
Despite immediate market jitters, this suggests a longer-term bullish outlook for the cryptocurrency. Still, the divide reflects broader uncertainties about Bitcoin’s maturity as an asset, with gold’s millennia-long stability pitted against Bitcoin’s 16-year track record. As markets stabilize, analysts will closely monitor price movements, with some betting on Bitcoin’s recovery and others clinging to gold’s proven reliability.
Token unlocks continue to shape the crypto market, influencing wider sentiment and liquidity. This week, three projects—StarkNet (STRK), TRUMP, and Polyhedra Network (ZKJ)—are scheduled for major unlocks.
Both TRUMP and Polyhedra are about to unlock tokens worth more than 20% of their market cap. Here’s what to know.
TRUMP
Unlock Date: April 18 Number of Tokens to be Unlocked: 40 million TRUMP (4.00% of Max Supply) Current Circulating Supply: 199 million TRUMP
US President Donald Trump’s OFFICIAL TRUMP meme coin is about to unlock new tokens worth 20% of its market cap. On April 18, 40 million TRUMP tokens will be released, with a combined market value of $338.57 million.
Of this, 36 million tokens (10%) are assigned to Creators & CIC Digital 1, while 4 million tokens (10%) go to Creators & CIC Digital 4.
Unlock Date: April 15 Number of Tokens to be Unlocked: 127.60 million STRK (1.28% of Max Supply) Current Circulating Supply: 2.9 billion STRK
StarkNet is an Ethereum Layer 2 scaling solution built with STARK-based zero-knowledge rollups. Its role is to enhance throughput and reduce gas costs. STRK is the network’s native utility and governance token.
On April 15, 127.60 million STRK tokens will be unlocked, representing $16.71 million in value—roughly 4.40% of the current market cap. Of this, 66.92 million tokens (3.34%) are allocated to early contributors, and 60.68 million tokens (3.34%) to investors.
Also, STRK has declined over 26% in the past month and is currently down nearly 100% from its February 2024 all-time high.
Polyhedra Network (ZKJ)
Unlock Date: April 19 Number of Tokens to be Unlocked: 15.50 million ZKJ (1.55% of Max Supply) Current Circulating Supply: 60 million ZKJ
Polyhedra Network delivers blockchain interoperability through its zkBridge technology. It enables cross-chain messaging, asset transfers, and storage with zero-knowledge proofs.
The April 19 unlock includes 15.50 million ZKJ tokens, valued at $35.16 million—25.7% of ZKJ’s market cap.
The release consists of 8.47 million tokens (2.65%) for ecosystem and network incentives and 2.61 million tokens (1.74%) for community, airdrop, and marketing.
Meanwhile, 3.61 million tokens will be allocated for foundation reserves, and 800,000 tokens for pre-TGE token purchasers.
Also, ZKJ is currently up 10% over the past month.
Overall, this week’s unlocks collectively introduces over $400 million worth of new tokens into the market. While some projects face downward pressure, others like ZKJ show positive momentum.
As always, traders should monitor token distribution closely to assess potential shifts in market sentiment and liquidity.
