Binance-and-CZ-Backed Hyperliquid Rival Drops After Massive 1,700% Rally: Details

ASTER, the native cryptocurrency of BNB Chain-based decentralized perpetuals exchange Aster, has risen over 1,700% in a matter of days.

According to CoinMarketCap data, Aster is up 1,677% in the last seven days. The Aster token reached an all-time high of $1.97 on Sept. 21 before dropping nearly 35% to a low of $1.275 on Monday as the broader crypto market led by Bitcoin fell, with a massive $1.7 billion in positions liquidated.

At press time, Aster was down 11.11% in the last 24 hours to $1.57 and down nearly 20% from its ATH set in the Sunday trading session.

The trading volume of Aster (ASTER) is $1,810,933,713 in the last 24 hours, representing a 20.5% decrease from one day ago and signaling a recent fall in market activity.

Binance’s “CZ” backed?

Binance cofounder Changpeng “CZ” Zhao has at times reacted to tweets concerning Aster on X, and even tweeted about it, sparking speculation in the crypto community about the Binance founder’s involvement and support for the Aster project. This, however, remains unknown as of press time.

In a recent tweet, the Binance cofounder reacted with a clapping emoji to Aster’s recent milestone of hitting $3 billion in daily perp trading volume. On Sept. 17, Zhao congratulated Aster on X, writing, “Well done, good start. keep building.”

Aster’s ties to the Binance ecosystem remain evident: Aster is powered by Aster Chain, a privacy-focused L1 backed by YZi Labs.

Binance Labs, the former venture capital arm of the exchange and the family office tied to Binance cofounders Changpeng “CZ” Zhao and Yi He, rebranded to YZi Labs in January. According to an announcement, Zhao will coach and mentor the incubator’s startup companies.