On Sunday, the native token of the decentralized exchange protocol Aster surged by more than 30% after Binance co-founder Changpeng “CZ” Zhao revealed that he personally owns over $2.5 million worth of Aster tokens.
CZ disclosed this in an X post, sharing his wallet details and stating, “I bought some Aster today, using my own money on Binance.” He further added, “I am not a trader. I buy and hold.”
Following his post, Aster’s price jumped sharply from $0.91 to $1.26, before settling around $1.22, according to data from CoinGecko.
Trading Volume and Market Capitalization Surge
CZ’s public endorsement triggered a rapid rise in Aster’s trading activity. Data from DefiLlama showed that the token’s 24-hour trading volume skyrocketed from $224 million to more than $2 billion, reflecting a major influx of investor interest.
Simultaneously, Aster’s market capitalization grew to approximately $2.5 billion, underscoring renewed confidence in the token.
The announcement also encouraged traders to follow CZ’s lead. A trader using the handle “Gold” shared on X that they had opened a position in Aster, highlighting the influence of CZ’s move.
“CZ, the most influential figure in crypto and the founder of the largest exchange, announced his purchase of Aster with personal funds. That’s it. Don’t overthink it,” the trader posted.
Later, CZ commented humorously on the price jump, saying he had “hoped to buy some more at lower prices,” adding that he rarely invests in new tokens—his last being BNB, which he still holds from eight years ago.
Whales Bet Against the Rally
Despite the surge, not everyone in the market believes the rally will last. Blockchain analytics firm Lookonchain reported that two major crypto “whales” have placed significant short positions against Aster, anticipating a price correction.
One trader reportedly opened a short position of 42.97 million Aster tokens, valued at $52.8 million, with a liquidation price of $2. Another built a short of 15.3 million tokens, worth $19.1 million, with a liquidation price of $2.1.
These positions indicate that some large investors remain cautious about Aster’s long-term prospects, even in the wake of CZ’s endorsement.
CZ’s Connection to Aster
CZ’s link to Aster predates this recent investment. His family office, YZi Labs (formerly Binance Labs), previously invested in Astherus, the project that later merged with decentralized perpetuals protocol APX Finance in late 2024 to form Aster.
In September, CZ publicly congratulated the Aster team on X, encouraging them to “keep building.” While questions remain about the depth of his direct involvement, a BNB Chain representative confirmed that Aster has received support from both BNB Chain and YZi Labs, without clarifying CZ’s specific role.
The Influence of High-Profile Endorsements
The Aster rally underscores how influential figures continue to shape token movements in the volatile crypto market. Just last week, privacy-oriented cryptocurrency Zcash (ZEC) experienced a similar 30% rise after Arthur Hayes predicted the token could reach $10,000.
Such endorsements highlight both the power and risks associated with high-profile personalities influencing investor sentiment in the cryptocurrency space.
