The Aster token experienced a dramatic surge of over 30% on Sunday after Binance co-founder Changpeng “CZ” Zhao disclosed that he had personally purchased more than 2 million Aster tokens, worth approximately $2.5 million.
CZ shared a screenshot of his wallet on X, confirming that he made the purchase “using my own money on Binance,” emphasizing, “I am not a trader. I buy and hold.” His statement immediately triggered a wave of bullish momentum in the market.
Following the announcement, Aster’s price jumped from $0.91 to a peak of $1.26, according to CoinGecko, before settling at $1.22 at the time of reporting. The sharp increase reflects how influential CZ’s market activity remains across the cryptocurrency space.
Trading Volume and Market Cap Surge
According to DefiLlama data, Aster’s trading volume soared from $224 million to over $2 billion within 24 hours of CZ’s announcement. The project’s market capitalization also rose in tandem, climbing from $1.8 billion to more than $2.5 billion.
The move attracted traders and influencers alike. One trader, known as “Gold” on X, stated that they opened a position in Aster following CZ’s post, highlighting that this was the first time CZ had publicly announced a purchase outside of BNB.
They added, “CZ, the most influential figure in crypto and creator of the largest platform in the industry, announced his purchase of Aster with personal funds. That’s it. Don’t overthink it.”
CZ later commented that he had hoped to buy more at lower prices, noting that he rarely buys new tokens, aside from Aster and BNB, which he initially invested in eight years ago and continues to hold.
Whales Begin Shorting Aster
Despite the strong rally, not everyone in the market is convinced the uptrend will last. Blockchain analytics data from Lookonchain showed that two major whales opened large short positions against Aster, betting that its price will soon correct.
One whale reportedly built a short position of 42.97 million Aster tokens, valued at $52.8 million, with a liquidation price of $2. Another trader increased their short exposure to 15.3 million Aster tokens, worth $19.1 million, with a liquidation price of $2.11.
These moves suggest that large players expect the token’s rapid rally to be temporary and anticipate a market cooldown following the hype surrounding CZ’s purchase.
CZ’s Connection to Aster
While CZ clarified that his purchase was made personally, his broader connections to the Aster ecosystem are not new. In September, CZ congratulated Aster on X, encouraging developers to “keep building.”
It’s known that YZi Labs, CZ’s family office previously known as Binance Labs, invested in Astherus, Aster’s predecessor, in 2024. Aster was formed later that year through a merger between Astherus and APX Finance, a decentralized perpetuals protocol.
A BNB Chain representative confirmed that Aster received support from BNB Chain and YZi Labs, though they did not specify whether CZ had any direct involvement in the project’s development.
Market Outlook
Aster’s sudden rise highlights how influential endorsements from high-profile figures like CZ can impact token valuations and investor sentiment. However, with large shorts already building up and a potential retracement in sight, traders are watching closely to see if Aster can maintain its newfound momentum or if the hype will fade.
At the time of writing, Aster (ASTER) continues to trade actively, with market analysts divided on whether this surge marks the start of a new trend or a short-lived speculative rally.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions.
