ASTER Token Skyrockets After CZ's Public Endorsement
ASTER Price Soars Following CZ's Remarks
ASTER, a recently launched decentralized perpetual exchange, has captured significant attention in the crypto space. The platform's token experienced a dramatic increase, rising over 1,500% in a single week, fueled by substantial whale activity and public endorsement from Binance founder Changpeng Zhao (CZ).
CZ's Endorsement Sparks Rally
The price surge followed CZ's remarks on social media, where he noted that ASTER has become one of the largest holders of BSC-USDT outside of Binance's own wallets. He further praised ASTER's multi-chain support and its unique hidden order features.
CZ stated on X (formerly Twitter) that:
Aster is not a BNB Chain exclusive perp dex. It supports multiple chains natively.
It also support hidden orders. Different from other perp dex designs.
This endorsement placed ASTER squarely in the spotlight, driving its token price from approximately $0.09 to $1.47 within seven days. This surge resulted in a market capitalization exceeding $2.3 billion. According to CoinMarketCap data, the 24-hour trading volume has also surged by over 160%, reaching $1.22 billion.
Whale Accumulation Adds Fuel
The price surge gained further momentum as whales began accumulating ASTER tokens. Data from Lookonchain indicates that one whale spent $2 million in USDT to purchase 1.825 million ASTER tokens and even borrowed additional funds from Aave to increase their exposure. Another trader, @CookerFlips, deposited $1.24 million into ASTER over three days and subsequently withdrew tokens worth $6.7 million, resulting in a profit of over $5 million.
ASTER vs. Hyperliquid: A TVL Comparison
DeFiLlama data reveals that the total value locked (TVL) in ASTER has increased to nearly $870 million. Additionally, its perpetual contract trades have exceeded $17 billion in one month, generating over $70 million annually. While both ASTER and Hyperliquid operate as decentralized perpetual exchanges, ASTER's TVL of $886.65 million surpasses Hyperliquid's $681 million. However, Hyperliquid currently maintains a lead in monthly trading volume and open interest.
ASTER's rise has positioned it as a significant contender in the perpetual DEX market. The project's early association with Binance, through YZi Labs' investment, may contribute to its growth. It's important for users to conduct thorough research and understand the risks associated with trading on any decentralized exchange. Platforms like Codeum can assist projects and users alike with security audits, KYC, and strategic consulting.