- Aster’s daily perpetual futures volume of $11.8B has surpassed Hyperliquid’s $9.9B.
- Market sentiment turns bullish as activity surges across multiple networks.
- Dogecoin eyes a breakout amid optimistic ETF developments.
Digital tokens showed signs of recovery today after Monday’s pullback.
The global cryptocurrency market cap remains near $3.9 trillion following a modest 0.15% uptick over the past 24 hours.
Aster challenges Hyperliquid’s market share
The perpetual futures sector has drawn renewed attention as traders seek larger leverage positions.
While Hyperliquid has been in the spotlight in recent weeks, Aster has drawn increased interest after public endorsements from notable figures.
The decentralized exchange celebrated a milestone today, reporting over $11 billion in perpetual trading 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 figure edged past Hyperliquid’s $9.9 billion during the same period.
This marks the first time Aster has overtaken Hyperliquid in daily trading volume, signaling growing trader interest in the relatively new decentralized exchange.
Aster’s substantial volume shift may indicate a liquidity redistribution that could reshape competition among top DEXs.
Support from Binance’s founder, adoption by prominent traders, and increasing liquidity incentives have propelled Aster’s rise.
Trading incentives and cross-chain capabilities appear to have encouraged higher on-chain activity on the DEX.
Meanwhile, engagement on other futures platforms has also rebounded.
Writer recorded $6.89 billion in daily volume, while edgeX reported $5.06 billion.
These figures reflect a broader shift toward expanded derivatives participation.
The native ASTER token has shown a sharp rally, climbing more than 40% in 24 hours to reach an intraday high of $2.05.
On a monthly chart the token is up over 2,000%.
By contrast, Hyperliquid has lost momentum after key figures exited the project.
The weakness followed a weekend sale of HYPE tokens by a BitMEX co-founder, who cited looming token unlocks and potential selling pressure.
That move attracted attention because it came less than a month after lofty predictions of up to 126x gains for the token.
Dogecoin faces a recovery test
The original memecoin has continued to capture trader attention amid optimistic ETF-related developments.
Dogecoin has been in the spotlight as progress toward an ETF listing advances.
21Shares’ proposed DOGE ETF (ticker TDOG) recently appeared on the DTCC listings, a procedural step that increases the likelihood of a future launch.
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 registration does not equal SEC approval, it is a meaningful step toward a potential product launch.
Analysts have turned their attention to DOGE’s price charts amid the ETF chatter.
The memecoin is trading around $0.2400 after a slight dip over the past 24 hours.
Prominent analyst @Ali_Chart has highlighted $0.50 as a key upside target for Dogecoin during a sustained recovery phase.
Reaching that level would imply a more than 100% rise from current market prices.
However, bulls will need to overcome the nearest resistance around $0.28 to confirm a steady uptrend.
If an ETF launches and broader market momentum strengthens, Dogecoin’s upside potential could accelerate.