Aster Price Drops Despite CZ Backing as Traders Rotate to Rivals

Aster (ASTER), the native token powering the decentralized perpetuals exchange launched earlier this September, has faced a sharp correction. In the past 24 hours alone, ASTER slid by 8%, trading at $1.87. This marks a 20% decline from its local high of $2.43 on September 24, fueling debate on whether the project is losing momentum despite its strong start and ties to Binance founder Changpeng Zhao (CZ).

Analysts point to a combination of profit-taking, product concerns, and shifting sentiment as drivers of the sell-off. Investor Mike Ess disclosed on X (Twitter) that he sold 60% of his ASTER holdings in favor of Bitcoin (BTC) and Plasma (XPL), citing doubts about Aster’s platform. Comparing it to rival Hyperliquid’s HYPE token, Ess said Aster “feels slower, less polished, and copy-paste,” adding that larger allocations felt riskier.

Similar views have been echoed by other traders. Prominent analyst Clemente fully exited ASTER, stating Hyperliquid dominates in most performance metrics. This highlights intensifying competition in the perpetual DEX market, where speed, trust, and user experience heavily influence adoption.

CZ’s involvement has also sent mixed signals. While his firm YZi Labs (formerly Binance Labs) holds a stake in Aster, recent comments sounded more cautious, with CZ framing Aster as “complementary” to the broader BNB Chain ecosystem. Some traders interpreted this as distancing, raising concerns about long-term commitment from the Binance founder.

Despite the negative sentiment, Aster’s fundamentals remain impressive. The platform has already generated over $82 million in fees and reached $701 million in total value locked (TVL) on BNB Chain—a strong feat for a project only weeks old. Still, the quick pullback underscores the challenges of maintaining user trust while scaling rapidly.

With rival Hyperliquid pushing ahead, Aster’s future will depend on whether its team can improve product reliability and sustain momentum. For now, opinions remain divided: some see Aster as an overhyped experiment, while others view it as a high-potential DEX with CZ’s stamp of approval.