ASTER Token Skyrockets 20% After $2 Million Purchase by Binance Founder CZ

ASTER CZ

Summary:
Changpeng Zhao, the founder of Binance, recently made headlines after purchasing over $2 million worth of the DEX token ASTER. This action has sparked significant excitement and speculation in the market.

Key Takeaways:

CZ bought ASTER tokens worth over $2 million, boosting demand.
His purchase caused ASTER’s value to increase by 20%.
The latest trading values show a notable increase from a previous low.
Zhao had recently received a pardon from President Trump, following his legal issues with Binance.

CZ’s Major Purchase of ASTER Tokens

On social media platform X, Binance founder Changpeng Zhao (CZ) shared that he purchased more than $2 million in the DEX token ASTER, generating renewed interest in the cryptocurrency. He clarified, stating, “I am not a trader. I buy and hold,” emphasizing his long-term investment strategy.

Blockchain data indicates that ASTER’s wallet has amassed substantial amounts of USDT, making it one of the most significant wallets on the BNB Chain. In addition, according to LookOnChain, two major investors are expanding their short positions in this token.

“Both whales shorting ASTER are currently in profit — 0x9eec9 is up $5.9 million, while 0xbadb is up $1.4 million,” LookOnChain reported.

In a separate update, another whale withdrew approximately $5.58 million worth of ASTER tokens from Binance, as reported by Onchain Lens. “In the last 6 days, this entity has pulled out 6.8 million ASTER, valued at $6.66 million, from Binance,” they noted.

ASTER Token Recovers 20% Post-Dip

Aster (ASTER) stands out as a prominent player in the Web 3.0 space, offering features such as on-chain spot and perpetual futures trading with leverage up to 1001x and hidden orders.

The DEX token faced challenges last month, dropping by 11%, and its total value locked (TVL) declined nearly 25% since October 10.

Research suggests that the recent surge in Aster’s success can be attributed to Changpeng Zhao’s influential endorsement. Last month, the crypto mogul tweeted “keep building,” alongside an image of the Aster platform, sparking interest within the crypto community.

Following CZ's recent acquisition of ASTER tokens, the price rebounded from $0.91 to a peak of $1.26, based on data from CoinMarketCap. As of the last update, the token was trading at $1.

This recent investment from Zhao comes shortly after he was granted a pardon by US President Donald Trump, after working for months to support the Trump family's cryptocurrency business. Zhao had previously pleaded guilty in November 2023 for not maintaining an effective anti-money laundering protocol at Binance.