ASTER, the native token of the BNB Chain-based decentralized perpetuals exchange Aster, skyrocketed over 7,000% from its launch price of $0.02 on September 17 to an all-time high of $2 on September 21. However, the token has since plummeted nearly 35% to around $1.60, with a 24-hour trading volume of $1.81 billion marking a 20.5% decrease.
The surge was largely attributed to endorsements from Binance founder Changpeng "CZ" Zhao, who tweeted congratulations and highlighted Aster's multi-chain support and hidden order features. This led to rapid listings on major exchanges like Bitget and Bybit. Aster's DEX briefly overtook Hyperliquid with $793 million in daily volume, but concerns have emerged as reports indicate six wallets control over 96% of the token supply, potentially enabling market manipulation.
Despite the pullback, ASTER's market cap remains around $2.64 billion, with influencers like CookerFlips and Ogle recording significant profits. The token's volatility is exacerbated by its inability to be shorted and lack of a working product, raising questions about its sustainability.
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