Aster’s recent delisting from DeFiLlama has set back demand for its native token, ASTER.
Following DEX demonetization and growing doubts about data accuracy, ASTER’s price performance has been flat, reflecting market uncertainty. With major investors reducing their holdings, sentiment may weaken and altcoins could soon turn lower.
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ASTER faces confidence crisis with DeFiLlama delisting
On October 5th, DeFiLlama0xngmi, founder of a leading decentralized finance (DeFi) analytics platform, announced on X that Aster’s reported volume appeared to reflect the volume of Binance’s perpetual market, raising red flags about the accuracy of the data.
This revelation led DeFiLlama to remove Aster from its listing, sparking a debate over whether Aster’s sudden increase in trading volume was natural or artificially inflated.
Since the DEX’s delisting, its native token, ASTER, has been in trouble. As the controversy continues, altcoins are trading sideways, indicating a relative balance between buying and selling pressure.
However, on-chain data reveals that whales have significantly diversified their holdings, a clear sign that large investors are turning bearish. Nansen said Whale Wallet, which holds more than $1 million in ASTER, has seen a 12% decline in the token’s supply since Sunday.
This drop in whale accumulation strengthens bearish sentiment on ASTER and could push it below its narrow range in the near term.
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Additionally, smart money investors are also starting to reduce their exposure. This indicates that large holders are focused on preventing further losses rather than accumulating them. According to Nansen, this group of ASTER holders has reduced supply by 37% since the DEX’s delisting.
Data providers define “smart money” as experienced investors, institutions, and blue-chip traders whose on-chain activity often indicates early market trends or high-conviction opportunities.
Therefore, this decrease in ASTER holdings could further erode trader confidence and set the stage for a potential price decline.
ASTER price on the brink — can bulls defend $2.03?
Restoring confidence in that data could prove critical to stabilizing ASTER’s price and preventing further market declines. The altcoin is trading near its support floor at $2.0303 at the time of writing.
If the bearish pressure gains momentum, ASTER could fall, break through this support level and fall towards $1.7119.
However, if demand returns to the market, ASTER could try to make a new all-time high of $2.4360.
