After Binance co-founder Changpeng “CZ” Zhao revealed that he now owns more than $2.5 million in Aster, the native token for the decentralised exchange protocol Aster, surged more than 30% on Sunday.
In an X(Twitter) post on Sunday, CZ revealed what was in his wallet and claimed to have purchased “Some Aster today, using my own money on Binance.” “I don’t trade. I buy and hold,” he continued.
$ASTER Price Actions
According to data, the tweet caused Aster token to rise from $0.91 to a peak of $1.25. It is selling at $1.03 at the time of writing. The global market cap is at $2.09 billion, while the 24-hour trading volume is up by 1191%.
Following CZ’s tweet, a trader going by the name “Gold” declared on X(Twitter) that they had established a stake in Aster, stating that this was the first time CZ had ever disclosed purchasing a token outside of BNB.
“CZ, the most powerful person in the cryptocurrency space and the founder of the biggest platform, revealed that he used his own money to buy ASTER. That’s all.” They said, “Don’t overthink things.”
“Damn, I was hoping to buy some more at low prices,” CZ commented shortly after the surge, adding that he doesn’t “buy tokens often” other than Aster and BNB, which he still owns from eight years ago.
Will $ASTER rise even further?
However, not everyone believes the rally will endure. In an attempt to lower the price, two whales are shorting Aster and betting against CZ.
Lookonchain, a blockchain analytics platform, said on Sunday that one trader increased their Aster short to 42.97 million tokens, valued at $52.8 million, with a $2 liquidation price.
Although there were concerns about how closely CZ was involved with the project, CZ congratulated Aster on X(Twitter) in September, stating that he believed the project was off to a promising start and urged the devs to “keep building.”
It is known that last year, Astherus, the forerunner to Aster, received an investment from CZ’s family office, YZi Labs, formerly known as Binance Labs. In late 2024, Astherus and APX Finance, a decentralised perpetuals system, merged to form Aster.
The price rally after the Binance co-founder’s tweet clearly shows how strong support from industrial leaders can have a magnificent effect on any cryptocurrency project. However, whether this trust and rally continue is still to be seen.
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