Author

Abdullah Mashlab

Posted on 24/04/2025, 14:10

- Binance, the largest cryptocurrency exchange in the world, announced that it will delete four digital tokens from its platform. These tokens include Alpaca Finance (ALPACA), PlayDapp (PDA), Wing Finance (WING), and Viberate (VIB).

The three tokens PDA, WING, and VIB experienced a significant drop in their values immediately after the announcement of the deletion. However, ALPACA defied this trend, recording an increase in its value despite the impending deletion announcement from the platform.

Details of the deletion and its timelines

According to the official announcement, the deletion decision will take effect on May 2 at 03:00 AM GMT. Starting from May 3, users will not be able to deposit these tokens on the Binance platform.

In addition, the ability to withdraw these tokens will be stopped after July 4. Finally, all open positions related to these tokens on the Binance Futures platform will be closed on April 30.

Motives behind the decision and platform statements

Binance clarified in its statement: When any of the currencies or tokens do not meet our standards, or when the industry's environment changes, we conduct a thorough review and may decide to delete the asset. Our priority is to ensure we provide the best services and protection for our users while continuing to adapt to the changing market dynamics.

This move came shortly after the end of the second round of the deletion voting campaign, where 8.2% of participants voted in favor of deleting the PDA token. Meanwhile, the ALPACA token received 6.3% of the votes, and the WING token received 3.8%. The VIB token was not listed among the seventeen tokens included in the community voting.

Notably, the FTX Token (FTT) received the highest voting percentage at 11.1%, yet Binance did not include it in its final list of tokens to be deleted.

The rise of ALPACA despite the deletion raises concerns

In the aftermath of the announcement, the values of the tokens PDA, WING, and VIB fell sharply. Data showed that the WING token experienced the largest percentage drop, losing 31.8% of its value, followed by VIB with a decline of 29.7%. The value of PDA also decreased by 17.0%.

However, unexpectedly, the value of the ALPACA token increased by 71.3% after the announcement. Its trading volume also rose by 417.2%. This increase is unusual for a token that has been announced for deletion, raising concerns among followers.

Generally, deletion announcements lead to a significant price drop, as previous market cases have shown.

#Warnings of potential manipulation and fraud#

In a recent post on the platform X, formerly known as Twitter, an analyst noted that the reaction of ALPACA is abnormal, suggesting possible market manipulation.

The analyst wrote: After a sharp decline, the ALPACA token witnessed immense buying pressure. It rose by more than 100%, leading to the liquidation of several short positions. The analyst advised users to exercise caution and avoid falling victim to what is known as exit scams, where prices are artificially inflated to take advantage of unsuspecting investors. There is significant market manipulation.