- Aster’s $11.8 billion daily futures volume surpasses Hyperliquid’s $9.9 billion.
- Market sentiment turns bullish as activity rises 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 stabilized around $3.9 trillion after a modest 0.15% increase over the past 24 hours.
Aster challenges Hyperliquid’s market share
The perpetual futures sector has recently captured attention as traders seek large leverage and deeper liquidity.
While Hyperliquid dominated headlines in recent weeks, attention has shifted toward Aster after endorsement from Changpeng Zhao.
The decentralized exchange marked a major 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
This pushed Aster past Hyperliquid, which logged $9.9 billion in the same period.
It is the first time Aster has exceeded Hyperliquid’s daily volume, indicating a surge of trader interest in the relatively new decentralized exchange.
Aster’s large volume points to a shift in liquidity that could reshape competition among leading DEXes.
Beyond the high-profile endorsement, adoption by well-known traders and increased liquidity rewards have helped drive Aster’s rise.
Trading incentives and cross-chain capabilities appear to have boosted activity on the DEX.
At the same time, futures platforms are seeing renewed engagement across the board.
Lighter reported $6.89 billion in daily volume, while edgeX recorded $5.06 billion.
These figures reflect a broader trend of amplified participation in derivatives markets.
The native ASTER token shows a bullish trajectory after gaining more than 40% in the last 24 hours to reach $2.05, a new intraday high.
ASTER has climbed over 2,000% on its monthly chart.
By contrast, Hyperliquid is experiencing fading momentum and has lost key price levels.
Weakness followed a weekend token sell-off by BitMEX co-founder Arthur Hayes, who offloaded HYPE tokens citing anticipated selling pressure from upcoming unlocks.
Hayes’ sale drew attention because it came less than a month after he predicted as much as 126x upside for the Hyperliquid token.
Dogecoin positioned for a rebound
The original meme coin remains on traders’ radars amid promising developments.
Dogecoin has picked up interest as ETF-related progress accelerates.
21Shares’ spot Dogecoin ETF (ticker TDOG) has appeared on the DTCC (Depository Trust & 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 DTCC listing does not equal SEC approval, it is an important procedural step toward a potential launch.
Analysts and traders have turned their attention to DOGE price charts amid ETF chatter.
Dogecoin trades near $0.2400 after a slight dip in the past 24 hours.
Popular analyst @Ali_Chart has identified $0.50 as a key target for DOGE in a sustained recovery scenario.
Hitting $0.50 would represent a gain of more than 100% from the current market price.
However, bulls need to clear the nearest resistance at $0.28 to confirm a more stable uptrend.
A successful ETF launch and a broader market upswing would likely accelerate Dogecoin’s rally potential.