On Sunday, decentralized perpetuals exchange Aster experienced a surge in its token price following a large purchase by Binance founder Changpeng Zhao. Zhao announced on social media that he acquired over two million Aster tokens, which led to the token climbing from $0.91 to above $1.20 within an hour, representing a gain exceeding 30%.

The Aster protocol, supported by YZi Labs—managed by Zhao—has gained significant traction recently. It surpassed its rival Hyperliquid in perpetual contract trading volume, reporting over $70 billion in trades during the past week, based on self-reported statistics from DefiLlama.

These figures raised skepticism; 0xngmi, a pseudonymous figure and head of DefiLlama, temporarily delisted Aster’s reported volume due to verification issues. He described the volumes as suspicious in an interview with DL News. Despite concerns, DefiLlama later reinstated Aster’s data as it develops new ways to measure volume, as noted in a public statement.

Previously, Zhao stepped down as Binance CEO after pleading guilty to US banking law violations and served a four-month prison sentence. He sought a presidential pardon, which was granted on October 23 by former President Donald Trump. White House Press Secretary Karoline Leavitt told DL News that Zhao “was prosecuted by the Biden Administration in their war on cryptocurrency,” and with the pardon, that conflict is “over.”

Following the pardon news, both Aster and Binance’s native token BNB rallied. Aster rose more than 10% to $1.07, while BNB increased over 5% to $1,123.

Zhao emphasized his long-term investment approach on social media, stating “I am not a trader. I buy and hold.”

✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.