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The cryptocurrency space is competitive as new projects emerge regularly, fighting for recognition and endorsements. Hyperliquid (HYPE) and Aster (ASTER) appear to be in a critical competitive phase. This had led to speculations on the role Changpeng "CZ" Zhao, former CEO of Binance, is playing to influence these projects.
CZ denies plans to influence Hyperliquid vs. Aster rivalry
Notably, on X, CZ responded to a speculative post from Crypto Bitlord that he could manipulate the crypto market to favor ASTER over HYPE. CZ has brushed off the idea, maintaining that his recent comments in the space were to address fear, uncertainty and doubt (FUD).
According to Crypto Bitlord, "CZ has the power to dump the entire crypto market and PUMP ASTER, just to make a point."
He is suggesting that the Binance founder has enough crypto market influence to cause a crash by aggressively selling Hyperliquid. Or, in the alternative, to boost the price of Aster just to flex his power and dominance over Hyperliquid.
Crypto Bitlord suggested that Hyperliquid should give a controlling stake of 51% to CZ in order to guarantee its survival in the competitive crypto space.
However, CZ has dismissed these suggestions, maintaining that his only interest remains to deal with FUD and rumors and not manipulate market sentiments in favor of any crypto project.
Zhao's comments have helped to clarify his position regarding Hyperliquid and Aster. The former Binance CEO, although aware that influential figures like himself could sway market dynamics, has opted to steer clear of manipulations.
Hyperliquid struggles while Aster gains bullish momentum
As of press time, Hyperliquid is changing hands at $44.64, representing a 7.3% decline in the last 24 hours. The asset was trading at a peak of $48.30 in earlier trading sessions, but bearish technical indicators and whale activity have ushered in negative price movement for HYPE.
Investors, however, remain bullish and are accumulating HYPE as trading volume has increased by 11.83% to $526.57 million. There are expectations that if Hyperliquid can hold at $42.50, the asset could bounce back.
On the other hand, Aster is enjoying a bullish rally and trading at $2.41, a 41.33% increase in the last 24 hours. Its trading volume has also spiked by a massive 49.36% to $3.13 billion within the same time frame.
One of the key drivers of its ongoing bullish run is the recent endorsement by Changpeng Zhao. Investors will be hoping that the rally lasts, unlike in previous occasions when it slumped after a 1,700% increase.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team