Binance, the world's largest cryptocurrency exchange, launched its first round of "voting to delist coins" on March 21, and has conducted two rounds of token delisting voting so far.
The results of the second vote were announced on the 24th. Binance officials stated that the spot trading pairs of the four tokens, $ALPACA, $PDA, VIB and $WING, will be delisted and trading will cease at 11:00 am on May 2, 2025.
$Alpaca surges more than 600% against the trend
However, you may be surprised to find that usually the tokens delisted by Binance will plummet, but $ALPACA has bucked the trend and soared! From a low of $0.029 to $0.2173, the increase has reached 649%!
Currently, the price of $ALPACA is $0.1995, and the increase in the last 24 hours has reached 158%. What a surprising rise!
Some people in the community believe that shorting $ALPACA, which has a small market value, is not rational.
Community KOL Benson Lin shared his three views:
First of all, $ALPACA is the only token that has a contract with a major exchange among the tokens that were delisted this time. The market makers have a strong motivation to pull up the price, and the cost is also the lowest, so the possibility of pulling up the price is the strongest, so everyone chose Alpaca.
Secondly, many coins with smaller market capitalizations have been pulled up recently. The market capitalization of $ALPACA before the decline was approximately between 6 million and 8 million, which is already very small.
Finally, because the market value is already extremely small, it is unwise to continue shorting. Therefore, the risk of shorting here is actually very high. In addition to this kind of news-driven trading, many investors do not pay attention to the market value and still rush into the market to short. In fact, they are betting on the entry of hot money, and they are punished by the short sellers who enter the market later.
With the surge in $ALPACA, a number of "short-selling" groups have appeared in the market, causing the contract rate of $ALPACA to remain at a relatively high negative rate in the near future.
After seeing this situation, Binance immediately adjusted the contract settlement frequency of the token from once every 4 hours to once every 2 hours. Other exchanges also adjusted their contract rates to increase the fee pressure on short traders.
According to Coinglass data, $ALPACA’s liquidation amount in the past 24 hours was as high as 16.23 million US dollars, of which the liquidation amount of short positions accounted for 13.59 million US dollars.
Last night, the official Alpaca first tweeted that it would issue more tokens, which looked like it was preparing to ship out the tokens, giving people a feeling of greed. There was a lot of criticism in the market, and the short sellers were jubilant. Those who had not entered the market were rubbing their hands, ready to find opportunities to short, while those who were long were scared and quickly took profits.
As a result, the price of the currency was smashed from around 0.14 to around 0.11. The air forces began to increase their bets, and retail investors also started to get on board, ready to beat the fallen dog.
However, Alpaca officially released a new announcement shortly afterwards: after listening to the opinions of the community, it decided not to issue additional tokens.
As a result, the price of the currency immediately rose from 0.11 to 0.175. This time, the air forces really wanted to squeeze out all the bones. This is the real short squeeze after inducing short selling.
I have to wonder if the official Yangtuo and the wild dealer behind it are somewhat "relatives", or even wearing the same pants. The entire script seems to be in the hands of others, who can write it however they want. If you make the wrong direction and still hold on, you will only become someone else's dish. (This also reminds me of what I wrote before (The biggest taboo for newbies playing contracts: holding on to orders))
I was also fooled by the previous news and cleared a lot of long positions. Fortunately, I suspected that there was a script at the time, so I didn’t run away and continued to successfully hang on the belly of the banker and suck some blood out.
This dealer is really good at what he does. I'm looking forward to how they plan the next move.
