Whale Sells $1.69M ASTER at a Loss as Astar Network Announces Token Burn

A significant whale transfer of 2.19M ASTER tokens to Gate.io, coinciding with a downtrend in ASTER's price, indicates a loss-cutting event by a major holder. This move, coupled with a negative funding rate for ASTERUSDT, suggests a reinforced bearish sentiment in the market. Astar Network's subsequent announcement of a 'Burndrop Proof of Conviction' to burn ASTR tokens appears to be a strategic response to mitigate the negative market impact by reducing token supply.