- Aster’s $11.8 billion in daily futures volume eclipses Hyperliquid’s $9.9 billion.
- Market sentiment turns bullish as activity surges across multiple networks.
- Dogecoin eyes a breakout amid ETF optimism.
Digital tokens showed signs of recovery today following Monday’s declines.
The global cryptocurrency market capitalization steadied around $3.9 trillion after a modest 0.15% uptick over the past 24 hours.
Aster challenges Hyperliquid’s market share
The perpetual futures sector has been in the spotlight as market participants seek large leverage.
While Hyperliquid grabbed attention in recent weeks, Aster has drawn heightened focus after receiving support from Changpeng Zhao.
The decentralized exchange marked a key milestone today, recording over $11 billion in perpetual volume in the past 24 hours.
No. 1 in perp DEX trading volume during the past 24 hours with over $11+ billion on Aster. 👀
ASTER MODE. pic.twitter.com/gjPAtE7AJF
— Aster (@Aster_DEX) September 23, 2025
That figure overshadowed Hyperliquid, which logged $9.9 billion over the same period.
It’s the first time Aster has surpassed Hyperliquid in daily volume, signaling rising trader interest in the relatively new decentralized exchange.
Aster’s massive volume points to a liquidity shift that could reshape competition among leading DEXs.
Beyond the endorsement from the Binance founder, adoption by notable traders and increased liquidity rewards are fueling Aster’s ascent.
Trading incentives and cross-chain features appear to have driven higher activity on the DEX.
Meanwhile, futures platforms are experiencing a resurgence in engagement.
Lighter recorded $6.89 billion in daily volume, while edgeX reported $5.06 billion.
These figures reflect a changing trend toward amplified participation in derivatives.
Native ASTER is on an upward trajectory after gaining more than 40% in the last 24 hours, reaching an all-time high of $2.05.
It has climbed over 2,000% on the monthly chart.
By contrast, Hyperliquid is losing momentum as it slips below key figures.
The prevailing weakness follows a sale of HYPE tokens by BitMEX’s cofounder over the weekend, who cited imminent selling pressure from token unlocks.
Hayes’ move drew attention because the sell-off occurred less than a month after he predicted up to 126x growth for Hyperliquid’s token.
Dogecoin poised for a rally
The original meme coin stayed on traders’ radars amid encouraging developments.
Dogecoin is buzzing amid progressive updates tied to a potential spot ETF.
21Shares’ DOGE spot ETF (ticker TDOG) has already appeared on the DTCC (Depository Trust and Clearing Corporation) listings.
A Spot Dogecoin ETF from 21Shares has appeared on the DTCC listings under ticker TDOGhttps://t.co/okr0WirVaw pic.twitter.com/0wdLJkGoXs
— ICO Drops (@ICODrops) September 23, 2025
While that listing does not equate to SEC approval, it represents a meaningful step toward possible launch.
Analysts have shifted focus to DOGE’s price chart amid ETF chatter.
The meme token trades near $0.2400 after a slight dip in the past 24 hours.
Prominent analyst @Ali_Chart highlights $0.50 as a key target for Dogecoin if steady recoveries continue.
Hitting that target would represent more than a 100% increase from DOGE’s current market price.
However, bulls must first clear the nearest resistance at $0.28 to confirm a sustained uptrend.
The launch of an ETF and broader market rallies would likely accelerate Dogecoin’s potential comeback.