ASTER drops 16% after fake news links CZ to token sell-off

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ASTER, the native token of DEX Aster, plunged 16.8%, sliding from $1.03 to as low as $0.8566, amid the spread of misinformation. 

At the time of publication, ASTER traded at $0.9853, recovering the majority of its losses. Its daily trading volume surged around 16% to $674.7 million, according to CoinMarketCap data. The token’s circulating supply is currently over 2.01 billion. ASTER now ranks as the 46th largest cryptocurrency by market capitalization.

Aster is a decentralized exchange (DEX) backed by YZi Labs, the crypto investment arm of Binance co-founder Changpeng “CZ” Zhao. The DEX natively operates on four chains — BNB Chain, Solana, Ethereum, and Arbitrum — enabling perpetual futures and spot trading.

ASTER 24H price chart. Source: Finbold

The crypto market recorded over $884 million in liquidations in the past 24 hours, as per CoinGlass data. ASTER accounted for about $7.11 million, while rival DEX token Hyperliquid (HYPE) took a hard hit with a single liquidation of $21.42 million.

Fake news links CZ to token sell-off

On October 30, a rumor surfaced on X claiming that CZ had recently sold 35 million ASTER tokens. CZ quickly responded in a post, dismissing the claims as “fake news.”

Blockchain analytics service Lookonchain pointed out that the transaction was merely an internal transfer between Binance hot wallets. The rumor soon lost attention as the facts became clear.

ASTER price analysis

At the time of analysis, the 14-period RSI reads around 45.5, showing weakening buying momentum while staying above oversold levels. The MACD histogram is showing contracting negative bars, indicating that bearish momentum is slowing, although not yet reversing.

ASTER 4-hour technical price chart. Source: TradingView

A move above $1–$1.02 could confirm a rebound, while failure to defend $0.92 could trigger renewed downside toward $0.85.

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The post ASTER drops 16% after fake news links CZ to token sell-off appeared first on Finbold.