The price of ASTER token appreciated drastically after the Binance cofounder posted a screenshot of his holdings. Following Zhao’s acquisition, the crypto community started buying more tokens, showing herd behavior.
The cofounder of Binance, Changpeng Zhao, took a screenshot of his ASTER holding of 2 million tokens and posted it on X. Just after Zhao disclosed his holding of $2.5 million, the price of ASTER appreciated drastically, causing disturbance within the crypto community. ASTER appreciated from as low as $0.91 to $1.2, in an instance, as shown in the chart below.
While some crypto netizens on X followed the herd and started buying ASTER tokens, others were upset because they could not take advantage of the dip-and-crest opportunity.
One crypto netizen who goes by the pseudonym Gold bought some ASTER tokens, stating that since this is the only token that Zhao has publicly announced, it’s a good investment idea.
Replying to another X user, who asked whether the rally was over, Gold stated:
“I don’t think so. I only recently bought it after that initial leg up with room for bids lower CZ. But the thesis is simple, man:
The most influential figure in crypto and creator of the largest platform in crypto, announced his purchase of $ASTER with personal funds
That’s it. Don’t overthink it.”
Another X user, who goes by the pseudonym Degenerate Brian, regretted selling his tokens before the pump.
The market seems to have lost the excitement it first had when Zhao announced his acquisition. As the market has understood this short-lived hype, traders are selling off and taking profits. With the sell-off continuing, the token is trying to find a support level.
This excitement helped the token just cross above the 20-day moving average for an instance, but fell just after. As ASTER still keeps looking for a support level, it could fall to $0.90 once again.
