Zhao Effect: Aster Token Jumps 30% After Binance Founder's Wallet Screenshot
Former Binance chief Changpeng Zhao (CZ) continues to influence the crypto market: his public disclosure of personal investments in the Aster (ASTER) token caused a 30% price jump and a burst of trading activity. According to recent CoinGecko data, the asset stabilized at $1.08, with a market capitalization of $2.17 billion and a daily volume of $2.53 billion, highlighting the resilience of the 'CZ effect' in the DeFi era.
CZ's Post and Instant Market Reaction
On social media X, CZ shared a wallet screenshot showing ownership of over 2 million ASTER worth approximately $2.5 million. "Full disclosure. I just bought some Aster today, using my own money, on @Binance. I am not a trader. I buy and hold," he wrote on November 2. After the price increase, CZ joked: "damn, I was hoping to buy some more at low prices...".
The market reacted instantly: ASTER's price jumped from $0.91 to a peak of $1.26 (+30%) and stabilized at $1.08 on November 3 with a 24-hour growth of +12.2%. This echoes the recent 30% surge of Zcash following Arthur Hayes' forecast.
Trading Boom and Community Enthusiasm
Trading volume soared from $224 million to $2.53 billion in a day, and capitalization rose from $1.8 billion to $2.17 billion. Traders opened longs inspired by CZ: "CZ is the most influential figure in the crypto industry... Don't complicate things," noted @Gold_Cryptoz. This is the first public disclosure by CZ about purchasing an asset outside BNB, increasing interest in Aster as a DeFi platform on the BNB Chain.
Whales Go Against: $71 Million in Shorts
The optimism is not universal — two whales opened shorts worth $71.25 million, expecting a correction after the hype. One expanded their position to $51 million with 3x leverage, and the other added $18 million; both profit ($5.9 million and $1.4 million). Open interest rose by 70% to $782 million, with long/short on Binance at 1.90 in favor of bulls, but volatility is high.
Deep Roots: From Astherus to Global Support
YZi Labs (ex-Binance Labs) invested in Aster's predecessor, Astherus, in 2024, before merging with APX Finance in December. In September, CZ praised the team: "Aster looks great... Founders know better than me." BNB Chain officially supports the project. As an analyst, I note: such investments signal potential in perpetual contracts, but success depends on on-chain metrics, not hype.