How Will James Wynn’s ASTER Move Impact Token Price?

High-profile crypto trader James Wynn has made a striking return to the high-risk trading scene, opening a 3x leveraged long position on the ASTER token. This move comes on the heels of the recent liquidation of his position on the same token, which resulted in a loss of $4,023.73. This daring action has generated interest from crypto traders and enthusiasts, highlighting the richness of trading in leveraged fashion in uncertain markets, but it also poses questions about the accountability of the effect of the action on the price.

3x Leveraged Position

In particular, James Wynn trades with high leverage, and his long position on ASTER indicates a belief that ASTER will move up. Wynn opened a new leveraged bet on the altcoin on HyperLiquid, presumably inspired by increasingly promising on-chain statistics or possible growth in the ecosystem. In a recent post, Onchain Lens noted , “After being liquidated on ASTER, James Wynn is back and has opened a 3x leverage long position on ASTER .”

Significantly, this move follows the loss of $4,023 for the trader by liquidating his 3x long trade on the token. A previous X post of Onchain Lens read, “Trading against James is always a "Wynn..." Just In: James got liquidated on his… long position, losing $4,023.73.”

His decision has significant implications for the crypto’s price. This move showcases Wynn's confidence in $ASTER's upward potential, possibly driven by favorable on-chain metrics or emerging ecosystem developments. The increased demand for the altcoin could push its price up. However, the use of high leverage amplifies potential gains and losses, making his bet susceptible to significant price swings.

Altcoin Price Surges

Since its launch last week, the crypto has been experiencing notable price gains, despite volatility. Today, the altcoin is trading at $2.00, up 8.5% in a day. Over the last seven days, the crypto has been up by about 70%. Taking its trajectory from its debut, it has seen a massive gain of 2278%.

Despite this hike, traders are less enthusiastic about the token. This declining sentiment is evident in the token’s decreasing trading volume, currently at $1.71 billion, down by 30%. This shows that the community is less optimistic about the cryptocurrency’s potential uptrend.