- $11.8B Aster in daily perpetual futures volume surpasses $9.9B Hyperliquid.
- Market sentiment turns bullish as activity spikes across multiple networks.
- Dogecoin sees a breakout amid ETF optimism.
Digital tokens showed signs of recovery today after Monday’s pullback.
Global crypto market capitalization stabilized around $3.9 trillion following a modest 0.15% uptick yesterday.
Aster threatens Hyperliquid’s market share
The perpetual futures sector has been in focus recently as traders seek outsized leverage.
While Hyperliquid drew attention in recent weeks, Aster attracted intensified interest after backing from Changpeng Zhao.
The decentralized exchange marked a major milestone today, registering more than $11 billion in perpetuals volume over 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 pushed it past Hyperliquid, which logged $9.9 billion over the same period.
This is the first time Aster has overtaken Hyperliquid in daily volume, signaling a surge of trader interest in the relatively new DEX.
Aster’s sizable volume suggests a liquidity shift that could reshape competition among leading DEXs.
Support from Binance’s founder, growing adoption by prominent traders, and increased liquidity rewards have fueled Aster’s rise.
Trading incentives and cross-chain features also appear to have boosted activity on the DEX.
Meanwhile, other perpetual platforms are seeing renewed engagement.
Lighter posted $6.89 billion in daily volume, while edgeX reported $5.06 billion.
These figures reflect a broader rotation of derivative participation.
The native ASTER token displayed a strong upward trajectory after gaining more than 40% yesterday to reach a $2.05 intraday high.
ASTER has surged over 2,000% on the monthly chart.
By contrast, Hyperliquid’s momentum faded as it lost a key market position.
Current weakness followed the co-founder of BitMEX selling his HYPE tokens over the weekend, a move he said was driven by anticipated sell pressure from upcoming unlocks.
Hayes’ sales drew attention because they came less than a month after he predicted up to 126x growth for Hyperliquid’s token.
Dogecoin poised for a rebound
The original meme coin remains on traders’ radars amid encouraging developments.
Dogecoin is buzzing amid progress linked to exchange-traded funds.
A spot Dogecoin ETF from 21Shares, ticker TDOG, has appeared on 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 that doesn’t equate to SEC approval, it is a notable step toward a potential launch.
Analysts have turned to DOGE price charts amid the ETF discussion.
The meme token traded around $0.2400 after a minor dip over the past 24 hours.
Popular analyst @Ali_Chart highlighted $0.50 as a primary target for Dogecoin during a steady recovery.
Reaching that level would represent a more than 100% increase from DOGE’s current market price.
However, upward momentum must clear the near-term resistance at $0.28 to sustain a bullish trend.
A formal ETF launch and broader market tailwinds would likely accelerate Dogecoin’s rally potential.