Binance founder Changpeng Zhao (CZ) announced on X that he bought over $2 million DEX token ASTER, triggering speculative demand.
CZ posted on Sunday that he bought Aster protocol’s token using his own money on Binance. “I am not a trader. I buy and hold,” he wrote.
On-chain data show that ASTER’s wallet garnered large sums of USDT, becoming one of the largest on BNB Chain. Besides, Per LookOnChain, two whales increased their short positions in the asset.
“Both whales shorting ASTER are currently in profit —0x9eec9 is up $5.9 million, while 0xbadb is up $1.4 million,” Lookonchain posted.
Separately, a whale had pulled out $5.58 million worth of ASTER tokens from Binance, Onchain Lens reported. “Over the past 6 days, it has withdrawn 6.8M $ASTER, worth $6.66M, from Binance,” it added.
ASTER Token Soars 20% Following Recent Crash
Aster (ASTER) is one of the hottest Web 3.0 projects in the market. It offers on-chain spot and perpetual futures trading with 1001x leverage and hidden orders.
The DEX token saw a plunge by 11% last month, with Aster’s total value locked (TVL) dropping by nearly 25% since October 10.
According to research, the DEX’s near-instantaneous success is due to Changpeng Zhao’s endorsement. The highly influential crypto billionaire tweeted “keep building,” posting an image of the Aster platform last month.
With CZ’s recent purchase of the protocol’s native token, ASTER surged from $0.91 on Sunday to a peak of $1.26, per CoinMarketCap data. At the time of publication, the token was trading at $1.
CZ’s recent purchase comes weeks after US President Donald Trump granted him a pardon after months of efforts by Zhao to boost the Trump family’s crypto company.
Zhao pleaded guilty in November 2023 to failing to maintain an effective anti-money laundering program at Binance.
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