YouTuber and investor Mr Beast is back in the news for purchasing 538,384 ASTER tokens in the last few days, around $990,000 worth, according to on-chain data.
He funded the purchase by depositing 1 million USDT into the Aster DEX, using two wallets, known address 0x9..e67, and a newly created address 0x0..e8A, before withdrawing the ASTER tokens in several batches.
One of the batches included a deposit of 114,483 USDT on September 21, which was later exchanged for ASTER tokens.
Analysts report his average entry price at about $1.87, which would make him a key player in the ASTER ecosystem.
Token Market Activity and Price Movements
Regardless of the high-profile acquisition, Aster (ASTER) has currently experienced a -7.02% drop in price over the last 24 hours, trading at $1.90.
Nonetheless, the token is still up 200.23% over the last week, as its market capitalization rose above $3.1 billion.
Trading volumes are still robust, with over $2.3 billion in trades in the last 24 hours, indicating good liquidity and market activity.
The asset maintains approximately 1.7 billion ASTER tokens in circulation, which is continuing to gain traction in the decentralized finance (DeFi) space, especially as perpetual futures DEX platforms have grown in popularity.
Also Read: Mr Beast Accused of $10M Crypto Pump-and-Dump Scheme, On-Chain Data Reveals
Concerns Over Mr. Beast’s Past Crypto Activity
Although Mr. Beast’s latest investment in ASTER demonstrates confidence in the project, the influencer has a past in the crypto industry that does not inspire trust.
In October of last year, news sources shared accusations of insider trading and market manipulation against Mr Beast.
He is accused of exploiting his stature as an influencer to deceive investors by issuing pump-and-dump schemes, therefore profiting greatly from the tokens purchased.
Records show Mr. Beast has profited from previous projects over $23 million, including $11.45M SUPER tokens, $4.65M ERN tokens, $1.72M PMON tokens, $1.31M STAK tokens, and $1M AIOZ tokens.
Investors have understandable hesitance on whether Mr. Beast is accumulating ASTER as part of a long-term bet or just to generate short-term profits.
ASTER’s Broader Market Momentum
In addition to Mr. Beast’s efforts, ASTER is in a strong bullish market trend, having recently surpassed Circle in daily revenue to secure the second-place position behind Tether.
ASTER generated nearly $8.56 million in daily revenue, and the token reached an all-time high (ATH) of $2.33, accompanied by approximately $2.75 billion in trading volume.
The market’s confidence is also buoyed by Binance co-founder CZ, YZi Labs, and the initial anticipation of Aster Chain, which should enhance its utility and scalability, according to UnoCrypto.
Ultimately, these facts suggest that while Mr. Beast’s activity generates publicity, ASTER’s revenue and institutional support are the primary drivers of its continued success.
Also Read: Investigation Links Crypto Influencer ‘Crypto Beast’ To $ALT Pump And Dump Of $11M