Is Changpeng Zhao Influencing the Market with Aster?

Changpeng Zhao, the founder of Binance, has recently made headlines by boosting the value of the Aster token. His announcements and interactions have drawn attention to Aster and reflect broader trends in cryptocurrency marketing and market reactions.

Key Takeaways

Aster’s price surged nearly 35% following Changpeng Zhao's purchase announcement.
Zhao's consistent engagement with Aster through social media has increased its visibility.
The influence of figures like Zhao and Elon Musk highlights how personal credibility can drive market movements.
Aster's connection to Binance through YZi Labs positions it strategically in the growing decentralized finance sector.
The competition in the decentralized exchange (DEX) market, specifically between Aster and Hyperliquid, will shape future trading dynamics.

Changpeng Zhao Aster crypto market influence

Changpeng Zhao Propels Aster Forward

On November 2, Changpeng Zhao (CZ), the founder of Binance, announced that he had purchased Aster, the native token of the decentralized trading platform Aster DEX. This led to a remarkable increase in Aster's value, soaring nearly 35%. After Zhao made the announcement via a brief post on social media platform X, Aster’s price peaked at $1.25 before settling around $0.93 by November 4.

Zhao clarified that he is not a trader but prefers to buy and hold assets for the long term. His tweet included a clear message about his investment intentions:

"Full disclosure. I just bought some Aster today, using my own money, on @Binance. I am not a trader. I buy and hold."

Over the past two months, Zhao has showed strong support for Aster through multiple social media posts. His first mention was on September 17, where he praised the platform's launch and initial performance, saying:

"Well done. Good start. Keep building."

On September 29, he highlighted Aster's competitive edge by pointing out lower trading fees:

"At the risk of stating the obvious: Aster's per-trade fees are lower (cheaper for users). Lower fees, higher volume."

His continued support included comments on Aster’s booth design at the Token 2049 conference, which he described favorably, again reinforcing Aster's visibility.

Elon Musk's Influence Preceded Zhao's

The way Zhao promotes Aster bears a striking resemblance to Elon Musk's influence on Dogecoin. Musk's tweets often led to significant price increases for DOGE, showcasing the power of social media in driving market trends. Notably, his comments transformed Dogecoin from a playful internet meme into a substantial digital asset, with gains over 20,000% in just a few months.

In 2019, Musk tweeted about his fondness for Dogecoin, which led to an average price increase of 33% after his tweets. By May 2021, DOGE reached a peak of $0.73 from less than a cent just a year prior, illustrating how influential remarks can ignite trading volumes and price surges.

Both Zhao and Musk harness their influence effectively in the digital market space. Brief comments from them are interpreted by audiences as significant signals, which propagate quickly through social media and trading platforms, leading to tangible market impacts.

Aster's Ties to Binance

Zhao's connection to Aster is attributed to YZi Labs, which was previously known as Binance Labs. YZi Labs invested in Aster's earlier version, Astherus, back in November 2024, integrating Aster within Binance’s broader ecosystem. During Aster's Token Generation Event on September 17, YZi Labs was listed as an official supporter.

Aster emerged just as the decentralized derivatives market experienced explosive growth. Hyperliquid, a leading platform in this sector, reported substantial trading volumes, signaling a significant shift of activity from centralized exchanges to decentralized platforms.

Aster’s design and market entry seem strategically aligned to leverage the current demand in decentralized finance (DeFi). Its features, including leveraged trading and multi-chain access, resonate with user expectations in this rapidly evolving environment. In fact, Aster’s trading volume for September reached around $22 billion, momentarily overshadowing Hyperliquid’s $10 billion during the same period.

Zhao's backing is not just ceremonial; derivatives trading has consistently been the most lucrative segment for Binance, accounting for a significant portion of its trading activity. The rise of Hyperliquid presented a competitive challenge, prompting Binance to boost its decentralized offerings via Aster to maintain its edge.

The Future of DEX Competition

The perpetual futures market has surged to become a driving force in crypto trading, with recent figures indicating that these contracts account for nearly 68% of Bitcoin's trading volume in 2025. The overall volume of decentralized perpetual exchanges reached an estimated $1.8 trillion in Q3 2025, signaling unprecedented activity in this market.

Key players now prioritize multi-chain capabilities, allowing access to Ethereum, BNB Chain, Solana, and Arbitrum across their platforms. Improvements in capital efficiency, liquidity, and margin systems are vital for sustaining market growth.

Moreover, regulatory advancements, such as the CFTC approving U.S.-based firms like Coinbase to offer regulated perpetual contracts, may shape the market's future as institutional investors seek safer exposure with minimized custodial risks.

The rivalry between Aster and Hyperliquid is pivotal in steering the direction of decentralized derivatives. Hyperliquid currently excels in trading depth and open interest, whereas Aster has seen impressive early volume growth fueled by various trading incentives. The future will depend on whether Aster can foster sustainable trading momentum or whether Hyperliquid can uphold its leading position in the face of competition backed by Changpeng Zhao and YZi Labs.