Data from GMGN shows that Asteroid, a meme coin on BSC, has seen its market capitalization drop below $3 million, with a 23.86% decline over the day. The move comes after earlier controversy tied to the TST token deployment incident. Binance had clarified that BNB Chain did not create, authorize, promote, or participate in creating that token, and said it had no control over the token or the wallet addresses involved. Binance also said the token was unrelated to BNB Chain and had not received its endorsement. The company added that BNB Chain is taking legal action against the former employee involved and is cooperating with relevant authorities. Odaily noted that meme coins can see sharp price swings and said investors should pay attention to liquidity and short-term trading risks.
Odaily reported that, according to GMGN data, Asteroid, a meme coin on BSC, has fallen below a $3 million market capitalization. The token was down 23.86% on the day.
Earlier, Binance issued a clarification over the TST token deployment incident. It said BNB Chain did not create, authorize, promote, or participate in the creation of the token, and that it could not control the token or the wallet addresses tied to it. Binance said the token was unrelated to BNB Chain and had not been endorsed by it.
Binance also said BNB Chain is taking legal action against the former employee involved and is cooperating with relevant authorities over the matter. Odaily added that meme coin prices can be highly volatile, and investors should watch liquidity conditions and short-term trading risks.
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