Aster coin soared more than 37% within an hour after Binance founder Changpeng Zhao revealed a personal $2 million purchase on Binance, igniting a sudden trading surge and a wave of speculation across the crypto market.
CZ’s Personal Buy Ignites a Retail Frenzy
Late Thursday night, Changpeng Zhao, popularly known as CZ, posted that he had bought 2.09 million Aster (ASTER) tokens “using my own money”, adding he intends to “buy and hold.” The post instantly went viral among traders, sparking what social media dubbed the “CZ Effect.”
Within minutes, Aster’s price jumped from around $0.90 to $1.30, before easing back to the $1.05 level at press time. The move pushed 24-hour trading volume up 935% to nearly $2.5 billion, one of the fastest single-day expansions among mid-cap digital assets this quarter.
Market watchers compared the move to early rallies in Binance Coin’s early days, when similar endorsements by CZ created waves of speculative buying.
Analysts Caution on Overheating Valuation
While investor enthusiasm surged, analysts urged caution as Aster’s fully diluted valuation neared $9 billion, signaling possible overheating. According to on-chain analytics from DeFiLlama, the total value locked (TVL) across DeFi protocols reached $1.56 billion, with annualized protocol fees climbing to $1.15 billion, suggesting strong network activity but also a crowded short-term trade.
Aster’s market cap turnover ratio briefly spiked above 120%, underscoring how fast liquidity rotated through the asset. Several analysts noted that this pace rarely sustains without fundamental catalysts such as ecosystem partnerships or protocol upgrades.
“CZ’s purchase is undoubtedly a strong signal,” said a Singapore-based crypto fund manager. “But the market has a history of overreacting to high-profile buys before cooling down once the hype fades.”
Price Action Holds at Key Support Zone
As of early Friday, Aster was consolidating near the $1.00–$1.05 support zone, a crucial region that aligns with the 61.8% Fibonacci retracement from the intraday high. Short-term traders are closely watching whether the token can hold above this range.
A drop below $0.95 could trigger stop-loss orders and push the price back toward CZ’s reported entry at $0.90. However, a strong rebound above $1.15 to $1.20 could open the door to retest $1.30 and possibly $1.50, especially if retail inflows remain strong through the weekend.
| Price Level | Market Reaction Zone | Trader Focus |
|---|---|---|
| $0.90 | CZ’s entry point | Key psychological level |
| $1.00–$1.05 | Fibonacci support | Must hold for bullish bias |
| $1.15–$1.20 | Resistance | Breakout level |
| $1.30 | Prior intraday high | Short-term target |
| $1.50 | Extended rally goal | Speculative zone |
Technical analysts on X pointed out that Aster’s first Fibonacci retest failed near $1.11, but momentum remains alive as long as price holds above $1.00. “Needs to reclaim $1.15 for bulls to stay in control,” noted crypto analyst Ardi, who has been tracking the coin’s pattern since early October.
The CZ Effect and Market Psychology
The “CZ Effect” has become a recurring theme in crypto markets this year, where Zhao’s personal activity often fuels sudden speculative waves. In July, a similar endorsement led to a 38% rally in another mid-cap token before it retraced most of its gains within days.
Traders are now debating whether Aster’s rise marks the start of a genuine DeFi-driven recovery or just another influencer-fueled spike. Many retail investors rushed in, viewing CZ’s buy as a signal of long-term confidence. Others see it as an opportunity for short-term gains.
The surge also reflects a broader trend of personality-driven price moves in crypto, where influential figures continue to shape sentiment more than fundamentals. The market’s reaction underscores how fast narratives can shift in a space defined by liquidity, leverage, and social momentum.
What Lies Ahead for Aster Coin
The next few days will be critical for Aster. The token must prove its staying power beyond social hype by showing sustained on-chain growth and liquidity stability. Analysts will be watching whether daily transaction counts and unique wallet activity continue to rise through early November.
If Aster can maintain its footing above $1.10, it may regain the trust of both traders and longer-term holders. But a breakdown below $0.95 could quickly erase gains, echoing previous “influencer peaks” that faded once enthusiasm cooled.
Holding above $1.10 may restore confidence among traders
Falling below $0.95 could signal end of CZ-driven rally
In the short term, sentiment remains cautiously optimistic. With trading volume still elevated and DeFi fundamentals improving, Aster’s price may stay volatile but supported by broader market recovery hopes.
Aster’s fate now depends on whether the “CZ Effect” transforms from a flash rally into a sustainable growth story. Investors, meanwhile, are split between chasing momentum and waiting for signs of real utility emerging from the project’s ecosystem.
As the crypto community debates the balance between influence and fundamentals, one thing is certain: Aster has become the market’s newest stress test for hype-driven rallies in the post-Binance era.
