Aster Becomes Top DEX Token, Hype Slips

In a few days, wallets identified as whales moved several tens of millions of dollars from Hype to Aster, a newly launched token on a DEX supported by Changpeng Zhao. This massive capital movement, observed since September 17, quickly propelled Aster among the 40 largest global cryptos.

Aster surpasses Hype

While the crypto market absorbs a new shock, Aster has established itself as one of the most dynamic tokens since its launch on September 17, especially compared to Hype, its direct competitor in the DEX universe with more than $171 billion weekly trading volume.

This trend reversal is based on objective and measurable indicators, reflecting a shift in balance in the sector. The market now seems to value Aster based on solid fundamentals, to the detriment of a declining Hype.

Here are the main factual elements explaining this turnaround :

• Price performance : Aster recorded an increase of +7,950 % since its introduction, reaching about $2, against a drop of over 16 % for Hype in the same period ;

• Market capitalization : Aster is now valued at $3.74 billion, ranking 36^th among global cryptos ;

• Fundamental comparison : according to analyst Marcell, Aster has surpassed Hype in terms of daily trading volume and revenue generated.

Indeed, Marcell states : “if ASTER reaches the same valuation level as Hype at its peak, its price could climb to $9.69”, representing a potential increase of 480% from the current level.

Today $ASTER sits as the 37th largest crypto in the world $ASTER the DEX platform that @cz_binance is working on.

The man who sent $BNB from $0.10 to $1,020

The man who made @binance the number 1 CEX in the world

its competitions $HYPE's ATH is a 4.8x away which would make… pic.twitter.com/cMyPwUvTyj

— Marcell (@MarcellxMarcell) September 23, 2025

Danny, another analyst who predicted the rise to $2, now mentions a target of $8 to $10 billion in capitalization, which could be reached “as soon as next week”.

On-chain data shows a convergence of indicators favoring Aster. The market appears to be revaluing the project by positioning it as a serious alternative to Hype, now distanced on several key fronts.

Aster becomes the playground for strategic capital

Beyond the numbers, it is the behavior of large investors that offers another perspective on the Aster phenomenon. Last Monday, a wallet identified as a whale liquidated $17 million in Hype to reinject nearly $9 million into Aster, according to data shared by the MLM account on X.

The unknown HYPE whale (top holder) sold another 178K HYPE ($8.6M) today and rotated into 75.63 BTC ($8.6M). https://t.co/Ba0bcpPu1G

He has also started selling another 232K HYPE ($11.1M) from a fresh wallet.https://t.co/wnRyIVT0oU

In total, he has sold 1.26M HYPE ($60.5M),…

— MLM (@mlmabc) September 23, 2025

This is not an isolated case, as a second wallet acquired $50 million in Aster tokens in a single day, and another placed an additional $14 million there. According to Lookonchain, an investor nicknamed the “mystery whale” would have accumulated more than $75 million in Aster alone in just two days.

This massive capital transfer reflects strategic confidence in the project’s future, at a time when Aster is outperforming in terms of fundamental economic activities. Whales, often pioneers in their moves, seem to consider the risk/opportunity ratio now favors Aster, while Hype appears to be losing momentum.

This evident confidence could encourage institutional or individual investors to follow the trend, in a well-known mimetic logic within the crypto ecosystem.

Far from incidental, this repositioning of major market players could have short and medium-term ripple effects. If it is confirmed that Aster continues to capture liquidity, the associated platform could become a central hub of the new generation of DEX. Conversely, the downward pressure on Hype’s price could intensify, accelerating a form of relegation.