Cryptocurrency exchange Binance announced Monday that trading for the Aster token, from the next-generation decentralized perpetual exchange Aster, will commence on its platform today. The announcement triggered a rapid surge in ASTER’s value, climbing more than 10% within a single hour to exceed $2.
Binance Announces Listing of ASTER Token
In a statement posted on X by Binance on October 6th, the company confirmed it would be listing the ASTER token and applying a “seed tag”. The seed tag designates crypto assets that are considered innovative but carry a higher degree of risk and potential price swings.
The platform is planning to offer trading pairs involving USDT, USDC, and TRY for the decentralized exchange’s token. ASTER trading opens at 12:00 UTC on October 6th, while token deposits will be enabled starting at 9:00 UTC.
Binance cautioned users that, following the commencement of spot trading, ASTER will no longer be accessible through its pre-listing feature, Alpha Market. Additionally, trades involving ASTER will no longer contribute towards Alpha points. Users are provided a 24-hour window to move their ASTER holdings from the Alpha Account to the Spot Account.
“When spot trading of ASTER goes live on Binance Spot, it will be removed from Binance Alpha. Users can still continue to sell ASTER through Binance Alpha,” said Binance.
Last month, the Aster token experienced a remarkable surge, climbing by over 1,500% in a single week after Binance founder Changpeng “CZ” Zhao publicly supported Aster. Significant purchases of ASTER, amounting to millions of dollars, were made by prominent figures like MrBeast amidst widespread excitement.
Price of Crypto Token Jumps Over 10% in an Hour
The price of ASTER soared, recording an increase of greater than 10% in just one hour. Its current price is around $2.07. During the last 24 hours, the price has fluctuated between a low of $1.78 and a high of $2.06. Moreover, trading volume has grown by approximately 40% in the last few hours, showing significant trader interest.
The BNB Chain-based token experienced downward pressure following DeFiLlama’s decision to remove Aster’s trading volume data amid concerns about the data’s integrity. There was speculation that Aster’s perpetual volume recently began mirroring Binance’s trading activity.
Data from CoinGlass indicates a shift in the derivatives market, with buying activity surpassing selling. At the time of this report, the total open interest in ASTER futures declined by 1% to $1.53 billion over the preceding 24 hours. Over the past hour, open interest in futures on Binance, OKX, and Bybit has risen by over 11%, 8%, and 6% respectively. This trend suggests a positive outlook among derivatives traders.