On April 24, 2025, when An An announced the delisting of ALPACA, it felt like a meteor crashing into the crypto world; everyone thought it was just another commonplace "token funeral." But what happened next was comparable to a super magical show of Wall Street + Las Vegas!
This small token, ranked outside the top 200 by market cap, staged a stunning reversal in 72 hours that made Bitcoin pale in comparison—not a 50% crash, but a rocket-like surge of 400%! The short-selling army was executed every hour under a -2% "bloodthirsty fee," with the liquidation amounts of three exchanges exceeding $50 million, setting a record for the bloodiest massacre in altcoin history!
While ordinary retail investors are still using magnifying glasses to observe a 20% "moderate decline," dark web-level main forces have already started the "Alpha harvesting program":
When the price surged to a peak of 400%, the project party suddenly dropped a "financial nuclear bomb" on the market—announcing an unlimited issuance plan! This operation, comparable to "Thanos' snap", instantly triggered a massive on-chain shock:
Token contract flashes "Death Code" level abnormal trading
The threat of additional issuance caused a 2000 BTC level sell order waterfall in the spot market
The price completed a "ECG-style" roller coaster in 15 minutes
Post-event on-chain data shows that the main wallet completed a "black hole level accumulation" in panic, with a single address consuming 40% of the circulating supply, laying the groundwork for the second round of harvesting.
Bybit became the "main execution ground" for this slaughter, with its ALPACA/USDT contract trading volume surpassing Bitcoin at one point! Even more bizarrely:
Three exchanges simultaneously modified contract rules, switching the forced liquidation engine to "rage mode"
Liquidation triggering a "chain reaction", forming a self-reinforcing death spiral
A certain whale harvested $13 million in shorts within a 4-hour window on April 26
Industry insiders exclaimed: "This is not a delisting at all, but a meticulously designed 'financial supernova explosion'!"
Bloody Revelations: When the meat grinder is equipped with an AI brain
Small-cap tokens have become a "quantum entangled state": the cycle of $0.038 → $0.38 → $0.038 buries countless leveraged souls
Modern harvesters have evolved to "nano level": a 1-hour settlement cycle has rendered traditional candlestick analysis a Stone Age tool
The project party's "moral hazard" breaks the event horizon: the threat of additional issuance becomes a new type of market manipulation weapon
(A survivor shared an account screenshot: principal 100,000 USDT, fee deduction 87,000 USDT, liquidation loss 99,000 USDT, final balance -86,000 USDT)
As the delisting date of April 30 approached, ALPACA was staging its final madness. Those who bought the bottom at $0.038 suddenly found: when they circled back to the starting point, their principal had long been turned into quantum dust in the fee black hole and volatility strangulation.
The "delisting frenzy" that entered the annals of crypto history verified the jungle law in the bloodiest way—when the main forces are equipped with high-frequency trading AI + project parties hold unlimited issuance rights + exchanges modify rules, retail investors are merely "two-dimensional beings" subjected to dimensionality reduction attacks.
