Aster, previously referred to as APX, witnessed its token price soar on September 18, rising by over 360% in one day. The surge followed after the project started its airdrop program and from CZ.
What’s Driving Aster Price Surge
The token’s steep price action came after the token’s airdrop began, and it will run until October 17. Approximately 704 million tokens representing approximately 8.8% of the total supply are being sent to eligible users. These include members of Aster’s Spectra Stage 0 and 1 programs, owners of Aster Gems, and traders of Aster Pro.
Adding fuel to the charge, CZ publicly congratulated the Aster team, further increasing visibility to the project. That validation, combined with the token distribution, driven the price surge.
Fundamentals Behind the Rally
Beyond the frenzy, Aster’s fundamentals have been improving. Based on statistics provided by DeFi Llama. Its perpetual futures platform has seen more than $12 billion worth of trading volume this month, an increase from $9.78 billion in August and $8.5 billion last July.
Revenue has increased steeply as well. Fees earned this quarter total $8.82 million, up from only $1.8 million during the same time last year. In Q3 2024, Aster had only generated $11,660 in revenue, but today that number is up to $5.4 million.
The total value locked (TVL) in the protocol has hit a record high of $1.85 billion, an astronomical increase from $141 million in January.
What’s Next for Aster
Analysts believe that the rally may prevail since Aster is now becoming available on additional exchanges, yet it is mainly traded on its own platform. Yet with recipients of the airdrop likely to take profits in place, there will be some pressure selling.
Like other recently listed coins like WLFI, Spark, and Avantis, a good starting run will be followed by a temporary pullback before the market establishes balance.
Source: https://thenewscrypto.com/aster-price-surges-after-airdrop-and-cz-mention/
