Aster DEX Facing Market Manipulation Accusations Amidst Fee Surge
A decentralised exchange (DEX), Aster, has faced accusations of market manipulation and wash trading, with its trading volumes mirroring those of Binance. Meanwhile, its token price has shown signs of potential rebound, and the exchange has raked in substantial fees.
Aster DEX's trading volume skyrocketed to $420 billion in September, nearly doubling Hyperliquid's volume. However, this sudden surge has raised eyebrows, with some suspecting wash trading - a practice where traders buy and sell their own assets to create the illusion of stock market activity.
The Aster team has yet to address these accusations. Meanwhile, large buyers have been accumulating Aster tokens during the recent price drop, which slowed at the $1.5-$1.65 zone and could act as a rebound if defended. The exchange's netflow has also surged, indicating increased selling pressure.
Following its delisting from DeFiLlama, the Aster token slumped by 10%. DeFiLlama's founder alleges that Aster's trading data is unverifiable due to the use of dark pools - private, off-exchange trading platforms.
Despite the controversy surrounding Aster DEX, its revenue stands at an impressive $210 million in fees over the past 30 days, ranking it second only to Tether. As the accusations of market manipulation persist, investors await the Aster team's response and the token's price action at the crucial $1.5-$1.65 zone.
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