CZ’s DEX Token ASTER vs HYPE: How It Became a Whale Magnet in 2025 | Research

Whales are circling a new contender, and it's not the one shouting the loudest. While hype-driven tokens flash and fade, one DEX asset linked to CZ's legacy is quietly pulling in serious capital. Forget the noise—this is a playbook for where smart money moves when the market gets frothy.

The Whale Whisperer

ASTER isn't just another ticker on a chart. It's a magnet for deep-pocketed investors who've seen this movie before. The mechanics are simple: real utility, a founder with skin in the game, and a structure that rewards early believers. It bypasses the influencer circus entirely, cutting straight to the wallets that matter.

Numbers Don't Lie

Look at the on-chain data. The concentration of holdings tells the real story—a handful of addresses control a significant slice of the pie. That's not retail FOMO; that's calculated accumulation. It's a classic pattern: institutional-grade players position themselves long before the mainstream narrative catches up. They're not buying the dream; they're buying the infrastructure.

The Hype Machine's Blind Spot

Meanwhile, the usual suspects chase the next shiny object, pouring capital into projects with more marketing than code. It's a costly game of musical chairs, fueled by the eternal hope of being the 'early adopter' for a token that might not exist in six months. A cynical take? Perhaps. But in crypto, the line between visionary and bagholder is often drawn by who gets in—and more importantly, who gets out—first.

ASTER's quiet ascent suggests a different path. One built not on tweets and TikTok trends, but on the cold, hard logic of capital allocation. The whales aren't gambling; they're building a position. And in a market drowning in noise, that silent accumulation speaks volumes.

Aster’s rapid growth and CZ’s visible support sparked a new wave of discussion. The community revived the DEX narrative and started debating whether this segment could gain fresh momentum. At the same time, attention shifted toward larger players such as, which has combined the mechanics of centralized exchanges and decentralized finance in one model.

There are ongoing discussions that Changpeng Zhao may eventually want to replaceand positionas a new flagship DEX. This is speculative, and there are no clear signs that it is happening now, although CZ’s influence makes it impossible to rule out entirely.

In this Cryptonews research, we examine the behavior of large wallets in the DEX token segment. We look at whether major players are buying these assets, which projects attract the most capital, and whethershows signs of concentrated interest from large holders. The analysis covers on-chain data from Nov. 1 to Dec. 5, 2025. Tokens were selected based on market capitalization from CoinGecko and exchange TVL from DeFiLlama. The dataset includes capital movement through large transactions on decentralized exchanges.

Table of Contents

In This Article

ASTER vs HYPE: Whales Deciding Where to Go Where Whales Were Most Active What This Means for DEX Tokens

In This Article

ASTER vs HYPE: Whales Deciding Where to Go

Where Whales Were Most Active

What This Means for DEX Tokens

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ASTER vs HYPE: Whales Deciding Where to Go

Looking at the broader picture,clearly leadsin large buyer activity. Hyperliquid’s total buy volume stands at $16.6 billion, which is much higher than Aster’s $5.7 billion. The average purchase size is also larger. For, it is $5,480, and for, it is $1,620, which shows that whales generally spend more per transaction oneven though interest inis growing.

, however, overtakeswhen it comes to the single largest transaction. The biggestpurchase was made by wallet 0xf17d957f71b4c7670928db6804cdf061fbdb3bfd, which bought almost $191 million worth of tokens. This is the largest individual transaction in the entire dataset.

Among other projects,stands out. Its total buy volume is $494.6 million, reflecting steady interest from traders. The average purchase size remains moderate, although the project continues to grow alongside rising activity in the Base ecosystem.

, the main DEX in the Binance ecosystem, also shows notable volumes. Its buy volume is $362.6 million. The price behavior ofoften resembles, including gradual recovery after pullbacks. This may reflect renewed interest and returning liquidity within the ecosystem.

, the largest decentralized exchange by TVL, does not appear among the most accumulated tokens. Its buy volume is $216 million. Whales may viewas a more mature and less speculative asset that offers fewer opportunities for large short-term rotations.

Solana ecosystem DEXs such asand) rank near the bottom of the list. Their buy volume stands at $204.342 million and $142.223 million. This suggests that whale interest during this period was concentrated mainly around,, and several projects. Activity on the solana side is present but significantly weaker.

We can also see that on decentralized exchanges,consistently leads by volume among DEX tokens.remains in second place, while the third position shifts between the remaining tokens depending on the day.

Where Whales Were Most Active

Data on the largest transactions shows that the peak of whale activity came in November. The most notable entries belong toand.recorded several purchases above $120 million.appeared slightly later but immediately delivered a record entry of almost $191 million, the largest single trade in the dataset.

Activity softened slightly in early December, although interest in these projects remained strong. On the chart, November clearly stands out as the most active month for large transactions, withandcontinuing to compete for whale attention.

Data analyzed by Cryptonews shows thatleads by the total sum of large buys. From Nov. 1 to Dec. 5,accumulated roughly $1.28 billion.attracted less in total volume but delivered significantly larger individual purchases, with about $520.54 million accumulated. This difference shows thatattracts a steady FLOW of large entries whilereceives fewer but heavier transactions.

It is also notable that no other DEX tokens appear in the large transaction list. Onlyanddominate this segment.

What This Means for DEX Tokens

The analysis shows thatandare the two main destinations for large DEX token capital. Both projects attract significant whale activity but the patterns differ. Hyperliquid receives consistent, stable inflows, while Aster stands out with rare but very large transactions.

Aster’s status as “CZ’s pet token” gives the project both advantages and risks. This type of backing helps support the price and can amplify upside moves, but it also creates the possibility of a sudden, sharp drop. The chart may resemble accumulation, although this should be interpreted with caution and with all scenarios in mind.

also shows accumulation, although not at the scale ofor. The project is tightly connected to the Base ecosystem and may intersect with Coinbase’s strategic interests. On Dec. 17, Base and Coinbase are expected to announce something important, and this could increase attention towardand the broader ecosystem around it.

​​Disclaimer: crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.