Whale interactions stimulate spike in ASTER cryptocurrency value post-debut
In a remarkable debut, the Aster cryptocurrency, backed by YZi Labs and supported by PancakeSwap, has made a significant impact on the market. The Aster Genesis program, which took place prior to the token's introduction on September 18, handed out 704 million ASTER tokens via an airdrop to early users.
On its first day after launch, Aster welcomed over 330,000 new users and saw a staggering $1 billion in total value locked (TVL). The strong start didn't go unnoticed, with the founder of Binance, CZ, highlighting the growth of Aster on the stock market today.
In the past 24 hours, three major wallets moved a combined over $10 million worth of ASTER tokens. The largest withdrawal was made by wallet 0x04EA, which withdrew 7.04 million ASTER tokens ($4.66 million). Another wallet, 0xe1Da, withdrew 5.1 million tokens ($4.1 million) roughly 10 hours ago, while a third wallet, 0x841D, deposited 2.22 million APX ($2.22 million), then swapped it out for ASTER worth $2.11 million.
The market cap of ASTER currently stands at $1.55 billion, while 24-hour trading volumes are near $708 million, up 76% from the previous day. The token has built strong momentum in just a few days, with its price jumping more than 300% within hours of going live on coinmarketcap. As of now, ASTER is priced at $0.937, up about 58% in the past day.
The real test for Aster is whether it can hold onto this growth in an already crowded DeFi market. On September 19, OrangeX introduced a 25x ASTER perpetual contract, and on Thursday, Hyperliquid listed ASTER with up to 3x leverage. These developments suggest that the platform is ready to face the challenges of the competitive landscape.
Aster's success has not gone unnoticed, with institutions including Alameda Research, GSR, Shima Capital, and several private investors backing the project at launch. After the token was introduced on September 18, it received further backing from Genesis Block, DeSpace Capital, and Spartan Group.
It's important to note that cryptocurrency investments carry risk, and readers should do their own research before making any decisions. This article provides information for informational purposes only and should not be considered financial advice. The article does not contain advertisements.
In conclusion, the Aster cryptocurrency has made a promising start, attracting a large number of users and gaining significant backing from the industry. Whether it can maintain this growth in the competitive DeFi market remains to be seen.
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