- Aster’s $11.8B in daily futures volume eclipses Hyperliquid’s $9.9B.
- Market sentiment flips bullish as activity surges across multiple networks.
- Dogecoin eyes a breakout amid ETF optimism.
Digital tokens showed signs of recovery today after Monday’s pullback.
The total crypto market capitalization steadied near $3.9 trillion following a modest 0.15% uptick over the past 24 hours.
Aster threatens Hyperliquid’s market share
The perpetual futures space has drawn intense attention as traders seek higher leverage and deeper liquidity.
While Hyperliquid dominated headlines in recent weeks, Aster surged into the spotlight after receiving public endorsement from Changpeng Zhao.
The decentralized exchange reported a major milestone today, recording over $11.8 billion in perpetual futures volume over the previous 24 hours.
That performance outpaced Hyperliquid, which logged approximately $9.9 billion in the same period.
This marks the first time Aster has overtaken Hyperliquid in daily volume, signaling rapid trader interest in the newer DEX and a potential shift in liquidity dynamics among top decentralized exchanges.
Factors fueling Aster’s rise include high-profile endorsement, growing adoption by experienced traders, and enhanced liquidity incentives. Cross-chain functionality and attractive trading rewards have also contributed to the spike in activity.
Other derivatives venues are showing renewed engagement as well: Lighter reported $6.89 billion in daily volume, while edgeX recorded about $5.06 billion, reflecting a broader resurgence in derivatives participation.
Aster’s native token, ASTER, moved sharply higher, gaining more than 40% in the past 24 hours to reach roughly $2.05 and posting new intraday highs. The token has surged over 2,000% on its monthly chart.
By contrast, Hyperliquid’s momentum faded after a notable sell-off in its token. The weakness accelerated when BitMEX co-founder Arthur Hayes moved to sell his HYPE holdings over the weekend, citing concerns about selling pressure from upcoming unlocks. Hayes’ decision drew attention because it followed a bullish prediction he made less than a month earlier.
Dogecoin set for a rebound
The original meme token remained in traders’ focus amid encouraging developments tied to a prospective exchange-traded fund.
Dogecoin gained renewed attention after a listing related to 21Shares’ proposed spot DOGE ETF—ticker TDOG—appeared on the DTCC (Depository Trust & Clearing Corporation) platform. While that listing does not equate to SEC approval, it represents a meaningful step toward a potential product launch.
Analysts and chartists have turned their attention to DOGE price action as ETF chatter grows. At the time of writing, Dogecoin traded near $0.2400 after a slight decline over the past 24 hours.
Several market commentators have identified $0.50 as an attractive upside target for DOGE if broader recovery continues, which would represent a roughly 100%+ gain from current levels. For bulls to sustain a concrete uptrend, Dogecoin must first clear near-term resistance around $0.28.
A successful ETF launch or a broader market rally would likely accelerate Dogecoin’s upside potential, but traders should watch key technical levels and regulatory developments closely.