Aster Surpasses $2 Amid Chain Testing, Whale Accumulation Surge

Since Binance founder CZ backs it, the price of Aster (ASTER) has had more than 13 times returns. In particular, the DEX token rose by 34% during the day but retraced to 15% when writing.

This week has been great for holders, with more developments indicating that the altcoin could extend its gains. The DEX tokens look to challenge Hyperliquid (HYPE) in this sector.

Apart from the liquidity on the platform driving this surge, the announcement of their chain testing charged the price further. Still, more factors were fueling a rally for the last five days.

Why is the Aster Price Up 18% a Day?

Crypto has been trending up in the past few days. However, the announcement by CEO Leonard resulted in a bigger pump, surpassing $2. The CEO reported that they would be rolling out their blockchain, but it was still in beta.

Leonard told Gareth Jenkison, “We are going to roll out our own blockchain, L1, as well. It’s in the process of, like, experimenting. We are internally testing it. But the way that we designed it, we want to preserve trade privacy while providing trade verifiability, so you can verify a trade. Still, other people can’t see exactly what that position is going to be.”

Still on the platform’s credibility, CZ slammed those spreading fake narratives about the DEX. The crypto guru rubbished rumors that he was the liquidator on AsterDEX. CZ wrote, “Beware of fake info out there.”

Other chain activities, such as revenue and daily Perp volume, drove the pump. The decentralized exchange had the highest trading volume over the past three days. The surge emphasized liquidity-driven price action.

On top of liquidity, the DEX platform unveiled a 300x leverage, attracting risk-averse traders. On the revenue side, the DEX platform averaged $10+ million daily even though it was only a week old.

In fact, only Tether had more revenue in the last 24 hours. Aster even outperformed Circle, which managed $7.7 million on the day.

Whales Accumulate as Exchanges Hints at Listing

As the hype around Aster escalated, whales also entered the race to acquire the tokens in anticipation of a bigger move.

According to Lookonchain data, a whale added another $20 Million to ASTER from Gate.io. This increased their ASTER holdings to 33 million, valued at about $76 Million when writing.

Exchanges were also accumulating, hinting at potential listings with Gate.io and Binance leading. Most crypto communities agreed with further price appreciation as the DEX narrative escalated.

It is essential to evaluate the potential short-term price target for ASTER based on analyses and predictions from reputable analysts.

ASTER Price Prediction

The 15-minute chart showed the Aster price escaped a range after printing its new peak. The consolidation was right below the ATH. Also, ASTER price was trading above the 7, 25, and 99 moving averages (MA).

This indicated bull strength even in shorter timeframes. As per Ran Neuner, ASTER could hit $5.40 as soon as talks of this target escalate. In the meantime, the $3 target seemed more viable.

Since prices like to snap back after such moves, it was right to evaluate the risks associated with catching a trade. However, ASTER displayed many strengths compared to its peers. This could lead to significant returns in the current market.