Decentralized exchange token Aster (ASTER) jumped Wednesday, defying the overall weakness in the cryptocurrency market.
ASTER Steals Spotlight
ASTER was up over 4% in the last 24 hours, reaching an all-time high of $2.42.
The coin has risen 358% over the previous week and a whopping 2345% over the month, dwarfing the returns from market heavyweights such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
Speculative interest in the coin jumped, with open interest in ASTER derivatives increasing 13% in the last 24 hours to $1.20 billion, according to Coinglass.
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Whale Interest Grows
Large investors were seen buying into the rally. According to Lookonchain, two whale wallets, with one having ties to Galaxy Digital (NASDAQ:GLXY), accumulated 118.25 million ASTER, worth $270 million, over the last week.
The ‘CZ’ Effect?
The gravity-defying surge comes amid several X posts in which Binance (CRYPTO: BNB) founder Changpeng Zhao, also known as CZ, mentioned about the project and applauded its growth.
Zhao also spoke about the burst in popularity of perpetual decentralized exchanegs, stating that, “more players will grow the market size faster.” Notably, Aster is based on the BNB Chain.
Price Action: At the time of writing, ASTER was exchanging hands at $2.11, up 4.02% in the last 24 hours, according to data from Benzinga Pro.
Photo: oekka.k on Shutterstock.com
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