The native token of the decentralized exchange protocol Aster surged over 30% on Sunday after Binance co-founder Zhao Changpeng "CZ" disclosed that he now holds over $2.5 million worth of Aster.
CZ shared his wallet holdings in a post on X on Sunday, stating that he "bought some Aster today with my own money on Binance."
"I'm not a trader. I buy and hold," he added.
According to CoinGecko data, this post prompted Aster to jump from $0.91 to a peak of $1.26. As of the time of writing, it is trading at $1.22.
The privacy-focused cryptocurrency Zcash also experienced a similar surge last week due to the endorsement of another influential figure in the field, as crypto entrepreneur Arthur Hayes predicted that the token would eventually reach $10,000, causing a 30% increase within hours.
This post led to a significant spike in Aster's trading volume over the past 24 hours, with analytics platform DefiLlama reporting that the volume rose from $224 million to over $2 billion.
The market capitalization of the token also grew in line with other key metrics, increasing from $1.8 billion to over $2.5 billion.
A trader named "Gold" announced on X that they opened a position in Aster after CZ's post, explaining that this was CZ's first announcement of purchasing a token other than BNB.
"CZ, the most influential figure in the crypto space and the creator of the largest platform in the crypto field, announced he bought ASTER with personal funds. That's it. Don't overthink it," they added.
Shortly after the surge, CZ responded to the situation, saying, "Damn, I was hoping to buy some more at a lower price," and noted that he "doesn't often buy tokens," aside from Aster and BNB, which he still holds from eight years ago.
However, not everyone believes this rebound will last. Two whales are betting against CZ, shorting Aster in hopes that the price will drop.
Blockchain analytics platform Lookonchain reported on Sunday that one trader built a short position of 42.97 million Aster tokens, worth $52.8 million, with a liquidation price of $2.
Another trader also decided to bet against this rebound, increasing their short position to 15.3 million Aster, worth $19.1 million, with a liquidation price of $2.1.
In September, CZ congratulated Aster on X, stating that he believed the project was off to a good start and encouraged developers to "keep building," despite questions about the extent of CZ's close ties to the project.
It is known that CZ's family office YZi Labs (formerly Binance Labs) invested in Aster's predecessor, Astherus, last year. Aster was born from the merger of Astherus and the decentralized perpetual protocol APX Finance at the end of 2024.
In September, a representative from BNB Chain told Cointelegraph that Aster received support from BNB Chain and YZi Labs, but did not disclose whether CZ was directly involved.
Related: Following Bitcoin (BTC) and Ethereum (ETH), analysts are optimistic about altcoin ETFs driving the next wave of institutional adoption.
Original article: “Aster price surges over 30% after CZ discloses purchase”
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