Tutorial (TUT), a token built on the BNB Chain, has become the most-liquidated cryptocurrency over the past 24 hours, recording more than $42 million in liquidations and surpassing both Bitcoin and Ethereum, according to CoinGlass data.

The liquidation wave followed a dramatic two-day rally that pushed TUT more than 1,100% higher, culminating in an all-time high of $0.2903 on August 9. The token has since reversed sharply, currently trading approximately 42% below that peak.

Extraordinary Derivatives Activity

The price surge was accompanied by remarkable derivatives trading volume. TUT recorded $3.34 billion in 24-hour futures volume, a figure more than 23 times its market capitalization of approximately $140.5 million.

According to CoinGlass, total cryptocurrency liquidations across the market reached $168.3 million over the same period, with short positions accounting for $112.5 million. TUT alone represented roughly one-quarter of all liquidations — a striking concentration for a single low-cap token in a market where Bitcoin and Ethereum derivatives typically dominate liquidation rankings.

Timeline of the Surge

The token's extreme price movement began around August 7, when decentralized exchanges began listing TUT perpetual contracts with leverage of 5x and higher. Over the next two days, its price surged more than 1,100%, reaching the $0.2903 peak on August 9.

The availability of leveraged perpetual contracts on DEXs has expanded significantly over the past year, enabling traders to take leveraged positions on tokens that previously had no derivatives market. For low-market-cap assets, even modest listing announcements can trigger outsized trading activity.

The rapid ascent likely placed significant pressure on traders betting against the token. As TUT climbed, short positions became increasingly vulnerable to forced closures, which may have added to buying pressure and accelerated the rally further.

The subsequent pullback produced the opposite effect. Once the price began to decline, leveraged long positions grew susceptible to liquidation, potentially amplifying the downward move.

What Is TUT?

TUT serves as the native token of Tutorial, an AI-powered blockchain education platform operating on BNB Chain. The project provides structured lessons covering blockchain technology, decentralized finance, and cryptocurrency through an AI-driven tutor.

The token's origins are unusual: it was initially created as part of a tutorial demonstrating how to launch a token on BNB Chain, and was later relaunched as a meme coin. That trajectory places TUT within a broader category of tokens that began as functional or educational experiments before being adopted by speculative communities.

Broader Implications

The episode highlights how high-leverage listings on low-market-cap tokens can produce outsized liquidation events. TUT's price action demonstrates the speed at which leveraged derivatives trading can magnify price movements on assets with limited market depth — a dynamic that has recurred across multiple memecoin cycles on chains including Solana, Base, and BNB Chain.

Data sources: CoinGlass Liquidations, CoinGecko - Tutorial