To merchants of all spots, Binance founder Changpeng Zhao (CZ) has already been shaken into a frenzy after announcement that he spent nearly 1.9-2million dollars of his own money to personally buy approximately 2.09 million tokens in ASTER at an average price of just over 0.913 dollars.
CZ posted the announcement on social media, and explained that he is not trading, he is investing as a long-term holder- just as he did with BNB when Binance had a token generation event eight years ago, which he is now notoriously still holding. His declaration instantly created a buzz in the market with the traders seeing the move as confidence in the long term prospects of ASTER.
Reaction in the market and Price surge.
The post of CZ resulted in a significant increase in the price of ASTER by 2030% and an aspiration of the token to multi-week maximums of approximately 1.171.19. The rally not just re-reflected the renewed sense by investors, but also rebuilt the momentum of ASTER in the field of decentralized perpetual exchange (DEX) where the rivalry between companies is increasing.
The community not only reacted favorably to this news, but the community feeling that CZ stood by ASTER was confirmation of its fundamentals and growth path. On-chain data recorded also indicated a spike in both the level of trading and wallet activity soon after he announced it.
Structural Updates and Long term Vision of Aster.
Interestingly the move that CZ is taking has been coupled with recent structural changes that are announced by the Aster team. Among them are new mechanisms of burns, candidates of which will slowly decrease the amount of tokens, which in turn will play in favor of stable prices over the long term and the sustainability of an ecosystem.
This time has also accelerated the belief that ASTER is not only recovering because of hype, but that it is strengthening its economic model to compete better with other market ruling DEXs in the perpetual trading market.
Conclusion
The fact that CZ performed a public show of confidence in ASTER has not only improved its short term performance in the market, but it has also restored long term confidence in the fundamentals of the project. Since traders and investors are still in the process of reevaluating the role of ASTER in the decentralized trading ecosystem, the token has now become one of the most closely monitored in the DEX narrative - a feat attributed to a mixture of a good foundation, better tokenomics, and a significant shout of approval by one of the most respected
voices of crypto.
