Aster Token Price Slides 16% Amid DeFiLlama Delisting and Suspicious Trading Patterns
The price of Aster token took a hit, dropping by 16% intraday after DeFiLlama decided to delist its perpetual futures data over concerns of suspicious trading patterns. This move sparked a sell-off in the market as traders exercised caution amidst rising market activity.
Aster is currently trading at $1.92, marking a 6% decrease for the day. The token experienced a drop from its intraday high of $2.09 to a low of $1.80 before slightly recovering. This decline puts Aster 21% below its recent peak of $2.09 on September 24.
The decision to delist Aster’s perpetual futures data by DeFiLlama was prompted by worries about inflated volumes. Despite the sell-off, trading volume surged to $1.06 billion in the last 24 hours, indicating increased market activity.
According to Coinglass data, open interest for Aster decreased by 0.02% to $1.45 billion. However, derivatives volume rose by 1.85% to $4.83 billion. This suggests that traders are cautious about opening new positions following the delisting news.
DeFiLlama’s co-founder, 0xngmi, raised concerns about Aster’s trading volumes closely mirroring those of Binance, particularly on pairs like XRP/USDT and ETH/USDT. This raised suspicions about the authenticity of Aster’s reported activity, leading to the delisting of its perpetual data from DeFiLlama’s dashboard.
Aster, a decentralized perpetual DEX operating on BNB Chain and backed by YZi Labs, has not issued an official statement regarding the delisting. The platform witnessed a surge in reported trading volume, with daily perp volumes reportedly reaching $60 billion in late September, briefly surpassing Hyperliquid.
The community’s reaction to the delisting was mixed, with some users supporting DeFiLlama’s decision to uphold data integrity, while others accused the platform of bias. 0xngmi clarified that neither he nor DeFiLlama had financial exposure to Aster or Hyperliquid.
From a technical analysis perspective, Aster tested the lower Bollinger Band at $1.75 before consolidating around $1.89 on the one-hour chart. The relative strength index indicates neutral momentum at 47.3, with a potential retest of the upper band at $2.01–$2.05 if the $1.92 resistance is regained.
Despite signs of recovery, Aster may face ongoing challenges due to high volatility and market uncertainty. Improved market confidence or enhanced on-chain transparency could help alleviate these challenges and lead to more stable price movements for Aster token.