Aster token goes flying after CZ reveals $2.5M personal stake
The Aster token surged over 30% after Binance co-founder CZ disclosed a personal $2.5 million investment in the token.Summary
The native token for the Aster decentralized exchange protocol experienced a significant rally, spiking over 30% on Sunday after Changpeng “CZ” Zhao, the co-founder of Binance, revealed he had purchased over $2.5 million worth of Aster using his personal funds on Binance. CZ stated he is a "buy and hold" investor, prompting the token to jump from $0.91 to a peak of $1.26. This announcement caused Aster's 24-hour trading volume to soar from $224 million to over $2 billion, and its market capitalization increased from $1.8 billion to over $2.5 billion. While some traders followed CZ's lead, noting it was the first time he announced buying a token outside of BNB, others are betting against the surge, with two whales building substantial short positions against Aster. CZ later commented he was hoping to buy more at lower prices, emphasizing he rarely buys tokens other than BNB, which he has held for eight years. The connection stems from CZ's family office, YZi Labs (formerly Binance Labs), having invested in Aster's predecessor, Astherus, last year.
(Source：Cointelegraph)