$TEST

10h ago

Test Token · by 0x468C…d024 · price from Uniswap V4 liquidity

$24.2K Market cap

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Price: $2.423e-5
Market cap: $24.2K
Volume: …
Holders: …
Trades: …

Paired against RCAT

Red Cat Holdings · Drones and defence

The short case →

Kerrisdale Capital published a short thesis on RCAT in 2025 and the position is position open. Report titled “Flying Blind”, aimed at the company’s contract pipeline. That is what this token is pointed at.

Step 1

🚀

$TEST runs

A meme paired to the stock catches a bid and brings people with it.

Step 2

🔗

The arb passes it on

The tokenized share is arbitraged against the listed one, so the buying lands there.

Step 3

📈

RCAT follows

The smaller the company, the further the same money pushes the price.

Step 4

🩸

Shorts feel it

A crowded short gets more expensive to hold the higher it goes.

Steps one and two are the parts anyone here controls. Steps three and four are the bet. A meme token has no claim on the stock, the two prices can drift apart for as long as they like, and a short position can stay open longer than a group chat stays interested.

Reading the pool…