Binance founder CZ’s recent disclosure about his ASTER investment attracted major attention from traders, which sparked widespread discussions and sharp price swings. However, as the token’s price drops, it is now raising questions whether the hype driven by high-profile endorsements can really last.
CZ recently shared a lighthearted reflection on his trading experiences, noting that his crypto purchases often coincide with market dips.
In a recent X post he shared,“Every time I buy coins, I get stuck in a losing position, 100% record.”
He recalled that he bought Bitcoin at an average price of $600 in 2014, only to see it drop to $200 within a month, which stayed there for 18 months. Further in 2017, he bought BNB, which also dropped 20-30%, lasting for a few weeks.
He shared that he had recently increased his position but has also reminded his followers to stay cautious and manage their risks. CZ added that he would no longer disclose future trades to avoid influencing the market with his actions.
This comes after CZ revealed in a recent post that he bought around 2.09 million ASTER tokens, worth between $2 million and $2.5 million. “I’m not a trader, I just buy and hold,” he said, which indicated that he plans to keep the tokens for the long run, and not for quick gains.
This sparked a lot of excitement among investors and fueled a wave of trading activity. The token climbed over 30% within a few hours from $0.91 to $1.26. Data from lookonchain shows that several traders increased ASTER short positions after CZ’s post.
However, the token recently plunged to as low as $0.839, marking a drop of more than 30%. It has since recovered a bit and is currently trading around $0.9218, still down about 7% over the past 24 hours.
As the token price dropped, data from lookonchain shows that the “Anti- CZ Whale” who added to ASTER shorts after CZ’s post is now sitting on over $21 million in unrealized profits across two wallets.
ASTER has gained significant attention since its launch, largely due to its association with CZ. However, concerns remain that most of its supply is concentrated in just six wallets, raising fears of centralization and potential sell-offs.
However, ASTER continues to operate as an active multi-chain DEX project, and its long-term success will depend on adoption and real-world utility.
This shows how high-level endorsements from major industry figures like CZ can strongly influence market sentiment.
CZ revealed buying over $2 million worth of ASTER tokens, sparking major trading activity and sharp price swings in the crypto market.
CZ disclosed that he purchased about 2.09 million ASTER tokens, valued between $2 million and $2.5 million, as a long-term investment.
ASTER surged after CZ’s reveal but later plunged as traders took profits and shorted the token, causing a sharp 30% price correction.
Analysts warn that most ASTER tokens are held by a few wallets, raising concerns about centralization and potential large-scale sell-offs.
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