Aster's 1,650% Surge Defies Sell-Off as 704M Tokens Unlocked

The native token of decentralized derivatives exchange Aster (ASTER) surged 1,650% on its debut following a token generation event (TGE) in late September 2025, driven by visible support from Binance founder Changpeng Zhao (CZ) and strong early trading volume. According to data from crypto analytics firm Arkham Intelligence, Aster’s wallet became the largest holder of BSC-USDT after Binance’s own hot wallet, controlling $131 million in USDT^[1]. CZ’s endorsement, shared on X, amplified momentum for the project, which rebranded from ApolloX after merging with Astherus in late 2024^[3].

Aster’s TGE allowed ApolloX’s APX holders to swap their tokens for ASTER, rewarding long-term investors and fueling enthusiasm. The token’s price jumped from $0.0089 to $0.528 within hours of the TGE, with its market capitalization climbing to $1.3 billion^[2]. Concurrently, APX surged over 600%, with one early holder’s $226,000 stake growing to $2 million post-merger^[1]. The platform reported $1.4 billion in 24-hour trading volume, ranking it among the most active decentralized derivatives platforms^[3].

Despite the rapid rise, Aster faces stiff competition from Hyperliquid, its primary rival, which processed $10 billion in volume during the same period^[1]. However, CZ’s backing and Aster’s strategic rebranding have positioned it as a formidable entrant in the decentralized perpetuals space. The platform’s on-chain infrastructure, including zero-knowledge proofs for trade validation and support for multi-chain protocols (BNB Chain, Ethereum, Solana, Arbitrum), further differentiate it^[4].

CZ’s influence on the token’s trajectory was undeniable. His X posts describing the project as a “strong start” and urging continued development drew attention from traders and investors^[1]. The token’s surge defied typical airdrop sell-off patterns, as 704 million ASTER tokens were unlocked without triggering a price collapse^[2]. Blockchain analytics firm Lookonchain noted that Aster’s trading volume spiked to $324.45 million following CZ’s endorsement^[2].

While the project’s short-term outlook remains speculative, analysts highlight its undervaluation relative to Hyperliquid, whose market cap exceeds Aster’s. With $1.5 billion in daily trading volume reported^[4], Aster’s ability to sustain momentum will depend on continued adoption and liquidity. CZ’s ongoing support, including comparisons of Aster’s liquidity to “Binance level,” suggests his influence will remain a key factor^[4].