The development history of FORM tokens is a typical epitome of the crypto market's 'chasing the wind outlet for shell changes + high control operations', its fate has always been in an inexplicable ambiguous relationship with Binance. Three key iterations and significant price fluctuations outline its pure speculative nature.
I. Three shell changes: Chasing the iterative life-sustaining path of the wind outlet.
The origin of FORM can be traced back to the options exchange JEX launched in 2018, whose native token JEX circulated as the platform token. In September 2019, Binance fully acquired JEX, and JEX was exchanged for BNB at a 1:1 ratio, with the original team merged into the Binance system, completing the first shell change and embedding the 'Binance system' gene.
In 2021, with the rise of the GameFi craze, the original team shifted to launch the BinaryX project, issuing the token $BNX, anchoring the trading and governance functions of the chain game ecosystem; in February 2023, to lower investment thresholds and create an illusion of liquidity, the project party conducted a token split, with old BNX and new BNX exchanged at a 1:100 ratio, constituting the second shell change.
In 2024, the meme coin wind outlet exploded, and the team quickly launched the Four.meme issuance platform, converting BNX at a 1:1 ratio to Four; in March 2025, to resolve brand confusion, the token symbol was upgraded to $FORM again, with the total supply remaining unchanged at 580 million tokens, completing the third shell change, achieving a transition from derivatives to GameFi and then to MemeFi.
II. The ambiguous relationship with Binance: Control endorsement and interest bundling.
The association between FORM and Binance has always been in an ambiguous state of 'non-transparency but deeply bound', becoming its core trust endorsement and operational support. On-chain data shows that the top three token holding addresses of FORM are all Binance-related accounts, collectively holding over 90% of the tokens, while the number of token holders is only 360, forming an absolute control pattern. The market even speculates that FORM has been acquired by Binance, making it easier to operate after a shell change.
Binance's resource tilt is also quite blatant: the main page of the Web3 wallet specifically lists the Four.meme entry, and Web3 accounts publish supportive content for its ecosystem; not only is the FORM/USDT spot trading prioritized, but also 50x leverage perpetual contracts and flexible financial products are launched, providing liquidity and trading tools. More critically, (CZ)'s social media dynamics can be considered FORM's 'price switch', with related tweets triggering short-term surges, forming implicit endorsements. This model of 'officially not announcing but acting in support' makes the ambiguous relationship between the two the core gimmick to attract retail investors.
III. Aggressive operations: Low circulation and whale-led surges and drops.
The operational logic of FORM has always revolved around 'low circulation control + favorable inducement + precise dumping', with volatility being extreme:
• Control base: About 95% of tokens are locked by the team, early investors, and Binance system addresses, with only about 5% circulation, allowing a small amount of capital to leverage prices, providing natural conditions for operations.
• Inducing speculation: In August 2025, the platform launched a 'staking points rebate' activity, combined with the false prosperity of $252 million pre-sale from its projects, along with favorable brand upgrades, pushing the FORM price from $0.7 to a historical high of $4.2, with a short-term increase of over 5 times.
• Precise dumping: After the peak, suspected addresses related to the project party cumulatively deposited 35.6 million FORM into exchanges, valued at about $46.23 million, directly triggering a flash crash, with a maximum drop of nearly 30% within 24 hours. As of October 2025, the token price fell to around $0.7, with a cumulative drop of 83%.
• Continuous fluctuations: After that, FORM still maintained a 'surge-drop' cycle, with whales frequently making large transfers affecting prices, becoming a tool for harvesting retail investors.
Three shell changes are only to continuously attract speculative funds, while the ambiguous binding with Binance provides a disguise of trust, and the low circulation makes 'big ups and downs' operations inevitable. The value of FORM is unrelated to technology and ecology, relying solely on market sentiment and capital manipulation, with ordinary investors easily becoming targets of harvesting if not careful.
