Aster, the native token of the decentralized exchange backed by YZi Labs, jumped more than 20% on November 2, reaching $1.20. The sudden price recovery comes after a difficult week during which Aster fell from $1.16 to as low as $0.85, following false rumors that CZ had sold tens of millions of dollars worth of tokens.
Rumors of $30M Sell-Off Prove False
The downturn began after a widely shared post on social media alleged that a wallet connected to CZ had dumped 35 million Aster tokens – a move that would have signaled a major loss of confidence. Panic selling followed, and Aster broke below the $1.00 mark for the first time in weeks.
However, several blockchain analysts, including Lookonchain, quickly disputed the claim. They confirmed that the wallet movement was a standard internal transfer between Binance hot wallets, with no link to CZ’s personal holdings. Despite this clarification, the token continued to slide, as technical support levels broke and uncertainty remained.
Read also: Is Aster Safe? Growth Continues, But Critics Raise Questions
CZ Responds by Buying More Tokens
Two days after the initial rumor, CZ addressed the situation directly. In a post on X, he wrote:
He also shared screenshots showing the transaction, which involved the purchase of 2 million Aster tokens. The post was widely shared and interpreted by traders as a sign of confidence. Market activity picked up immediately, pushing Aster back above $1.00 and eventually to $1.20.
Read also: “From $0.10 to $1000” – CZ Reflects as BNB Hits Historic Milestone
Key Level Ahead for Aster Price
Despite the rebound, Aster now faces a key technical challenge: whether it can hold above the $1.20 resistance level that has acted as a ceiling in previous attempts. It remains to be seen if the token can build momentum beyond the short-term reaction to CZ’s purchase.
