You have probably heard of Hype by now, I'm not an expert but from what I understands it's a blockchain that specializes on DEX leverage trading (a perp dex). From my understand Hype was taking A TON of perp volume from Binance resulting in Binance arguably not being happy.
This lead to Binance Labs and CZ backing a perp DEX called Aster
https://x.com/cz_binance/status/1912414352969212139
This platform launched a token a few weeks ago and since they did CZ has been non stop pumping Aster.
In fact you might have heard of a post yesterday from defi lama that accused BNB of working with Aster to wash trade for volume. post here.
From the available evidence it seems clear AT THE VERY LEAST BNB/CZ doesn't like Hype as it take potential revenue and they are working to some extent with a competing leverage DEX to steal marketshare and redirect those traders back into platforms where Binance has a hand in the pot.
But that's only half the story. The other half is in Hypes price chart. Hype has been unable to hold any recovery gains since this all started while Bitcoin keeps climbing and hitting new ATHs. Hype is currently exactly where it was when Bitcoin was 112k just ten days ago. With any Bitcoin fueled Hype rally just as quickly being sold off.
From what I've been thinking someone with enough money could suppress price discovery of Hype while Bitcoin goes for a brand new ATH. Then when Bitcoin 'eventually' naturally retraces Hype along with other alts will likely drop more and they could close short leverage positions in profit. It's not a sure thing but it seems like a strategic bet if we assume price and profit has to do with users and fees.
So my question is, is this movement the result of a local bubble or is it something CZ Binance and CO have something to do with?
