Synopsis: Aster token jumped 30% after Binance co-founder Changpeng Zhao revealed a $2.5 million purchase, sparking heavy trading and optimism, though some whales shorted the rally.
Aster token surged over 30% after Binance co-founder Changpeng Zhao revealed a $2.5 million personal stake. The move sparked a buying frenzy, with traders rushing to join the rally. CZ’s influence in crypto is unmatched, and his endorsement sent shockwaves through the market. This article breaks down what happened, why it matters, and what comes next.
CZ’s Big Move
Changpeng Zhao, widely known as CZ, shared a screenshot of his wallet on X. He showed he now owns over 2 million Aster tokens. The purchase was made with his own money on Binance. CZ stated, “I am not a trader. I buy and hold.” This rare public endorsement is significant. It marks the first time CZ has announced buying a token outside of BNB in eight years. His words carried weight, and the market reacted instantly.
Aster’s price jumped from $0.91 to a peak of $1.26 within hours. At the time of writing, it was trading near $1.22. The token’s trading volume surged from $224 million to over $2 billion in just 24 hours. Market capitalization also rose from $1.8 billion to over $2.5 billion. Retail traders opened new positions, inspired by CZ’s move. One trader under the handle “Gold” said, “CZ, the most influential figure in crypto, announced his purchase. That’s it. Don’t overthink it.” This sentiment echoed across social media.
Whales Bet Against the Rally
Not everyone is convinced. Two large whale traders opened significant short positions. One built a short worth $52.8 million, while another shorted $19.1 million. Both whales have liquidation prices above $2, betting on a price drop. Their actions show skepticism about the rally’s sustainability. Technical signals also suggest weakening momentum. Resistance is near $1.25, and support is at $0.98. The rally could be fragile, especially with past concerns about Aster’s trading data.
CZ’s Connection and What’s Next
CZ’s family office, YZi Labs, invested in Aster’s predecessor, Astherus. Aster was born from a merger between Astherus and APX Finance in late 2024. CZ previously congratulated the team and encouraged them to “keep building.”
His exact involvement remains unclear, but his support is undeniable. CZ later said he hoped to buy more Aster at lower prices. This indicates ongoing interest in the token. However, market watchers remain cautious due to volatility and previous concerns about Aster’s trading data.
In summary, CZ’s personal stake disclosure boosted Aster dramatically. The rally brought renewed attention and trading activity. Yet, mixed sentiment among whales and technical signals suggest caution. The crypto world will be watching closely to see if Aster can sustain its momentum or if the rally fades. For now, CZ’s move has made Aster a hot topic in the market.
Written By Fazal Ul Vahab C H