Cryptos slid sharply today as the broader market pulled back, Bitcoin and Ether lost ground amid a liquidity-driven selloff, and total market value dipped below recent support levels. 

Decentralised-exchange tokens were hit especially hard as Aster (ASTER) plunged roughly 17% in 24 hours and Hyperliquid (HYPE) dropped about 11%, wiping out much of their short-term gains as traders rushed for exits.

Price Actions of $ASTER and $HYPE

Aster, ranked 41, plunged about 17.1% in 24 hours to $1.09 as heavy selling pushed its market cap down to roughly $2.2 billion. The 24-hour trading volume spiked to $1.5 billion (up 45%).

$HYPE also follows suit as the token is trading at $34.41 and is down by 11% in the last 24 hours. The global market cap is at $11.58 billion while the 24-hour trading volume is up by 60%.

Why these developments?

Now, according to OKX, full spot trading of ASTER began at 6:00 a.m. UTC, while ASTER deposits started at 2:00 a.m. UTC.  A $10,000 order cap is one of the first regulations to reduce volatility.

Soon after OKX launched ASTER perpetual futures in late September, this listing was made. The price dropped soon after the listing was made.

Short-term volatility is still possible, but future activities like the Stage 3 airdrop and the Aster Chain Layer 1 launch in Q4 can boost interest even more.

Also, according to on-chain statistics, YouTuber and investor Mr Beast had made headlines again after buying 538,384 ASTER tokens in the previous few days, totalling around $990,000. He used two wallets to put $1 million USDT into the Aster DEX in order to finance the transaction.

Also Read: Aster Chain Token $ASTER Surges By 400% As Binance Co-Founder’s YZi Labs Backs DEX, Rival DEX Token $HYPE Breaks ATH

Other developments on HYPE

Jeffrey Yan, the creator of Hyperliquid, has come forth to criticise his platform and place the responsibility on centralised exchanges. 

Jeff Yan has come forward to defend his DEX against allegations of liquidations following last Friday’s decline in the cryptocurrency market.

According to him, the fully on-chain liquidations of the DEXs cannot be compared to those of Binance and other CEXs, which have been underreporting liquidations by a factor of 100.

Today’s moves underscore how quickly speculative and liquidity-sensitive assets can amplify market downturns. High volumes alongside sharp price drops suggest traders are exiting positions rather than accumulating, and DEX-related tokens remain particularly vulnerable until broader market sentiment stabilises.

Also Read: Bitwise Files For Spot Hyperliquid ETF As Crypto Perpetual DEX Platforms Volumes Reach Record Highs