What happened?
Aster plunged more than 20% to about $1.55 after Stage 2 airdrop allocations angered the community when big traders and referrers received tiny rewards, sparking accusations of insider manipulation. DeFiLlama removed Aster’s volume data citing suspected wash trading with near 1:1 correlation to Binance perpetuals, amplifying distrust. The Aster team acknowledged possible data inconsistencies, delayed the airdrop to October 20, and said it would review allocations and offer refund options.
Who does this affect?
Retail users and traders who earned points or expected meaningful airdrop payouts were hit directly by low allocations and immediate losses if they sold. Large traders, suspected wash traders, and insiders are under scrutiny for capturing disproportionate shares, which could bring reputational and regulatory consequences. Data providers, exchanges, and investors in similar DEX projects also face contagion risks as confidence in reported volumes and governance takes a hit.
Why does this matter?
Damaged credibility and wash-trading allegations can trigger sustained selling, higher volatility, and possible delistings that reduce liquidity and investor appetite. Technically, if Aster breaks the $1.50–$1.56 support it could drop another 15–20% toward $1.30–$1.40, causing cascading sell pressure from airdrop-driven sellers and speculators. If allocations are fixed and support holds, a relief bounce is possible, but rebuilding trust will take time and investors will demand higher risk premiums for similar token projects.