coinedition.com
Aster, the decentralized perpetuals platform trading around $0.67 with a market cap of $1.65 billion, is facing public accusations of market manipulation from traders who claim its own market maker is systematically wiping out both long and short positions in a repeating cycle.
The allegations were laid out in detail by analyst Ardi, who described what he calls eight identifiable bull traps across multiple price ranges, each following the same three-step pattern.
The Chart That Started the Conversation
The four-hour ASTER perpetual chart on Binance tells a story that Ardi says speaks for itself. The chart shows a clear horizontal range between approximately $0.62 and $0.80, with eight distinct price spikes marked in pink pushing above the upper boundary before being aggressively rejected back into the range.
Each spike follows the same structure: a sharp move higher breaking apparent resistance, followed immediately by an equally sharp reversal back into the middle or lower portion of the range. No breakout has been sustained. Every move above $0.70 has been sold back down within hours.
The Alleged Three-Step Playbook
Ardi described eight identifiable bull traps across multiple price ranges, each following the same pattern:
- Step 1: Sharp upward candles generated from mid-range to squeeze short positions
- Step 2: A fake breakout engineered to trap newly entered longs
- Step 3: Aggressive selling over the next two candles to wipe out both sides
“This is a perps platform systematically wiping out its own perps holders every few days,” Ardi wrote. “Dirty work.”
His argument centers on a structural conflict of interest. A market maker with access to the order book before other participants can position against retail traders on both sides of the market before prices move. He described the pattern as a controlled and manipulated demolition rather than organic price discovery.
Community Response
The reaction from other traders was largely supportive of the accusation. One respondent said they had been shorting every rally to the range high, and Ardi described the pattern as the easiest short of the cycle.
Ardi’s broader argument is that Aster’s structure as a perpetual platform creates an inherent conflict of interest when the same entity operating the market maker can also see aggregate positioning data before prices move.
The token is currently attempting to reclaim $0.70, a level that has rejected buyers on every previous test.
Related: DeXe Price Prediction: DEXE Tests Critical $5 Barrier as Market Signals Early Reversal