The world's largest exchange, Binance, launched its first 'vote to delist' activity on March 21, and so far, Binance has held two token delisting votes.

The results of the second delisting vote were also announced on the 24th. Binance's official announcement stated that the spot trading pairs for the four tokens $ALPACA, $PDA, VIB, and $WING will be delisted and cease trading on May 2, 2025, at 11 a.m.

$Alpaca surged over 600% against the trend.

We know that being delisted from Binance's spot trading pairs is extremely negative news for tokens, and usually, the token's price will plummet as a result.

Interestingly, the price of $ALPACA surged against the trend after the delisting announcement. It soared from a low of 0.029 USD to a high of 0.2173 USD, an increase of 649%.

As of now, ALPACA is priced at 0.1995 USD, up 158% in the past 24 hours.

Community: Shorting low market cap Alpaca is irrational.

As for why $ALPACA surged against the trend after the delisting announcement, community KOL Benson Lin shared his three viewpoints:

  • ALPACA is the only token among those delisted that has significant contract trading power to drive the price up with the lowest cost, so choosing Alpaca is reasonable.

  • Recently, many small market capitalization coins have been pumped. Before the drop, Alpaca's market cap should have been between 6-8 million, which is already very small.

  • Because its market cap has become so small that continuing to short is unreasonable, the expected value of shorting here must be higher. Moreover, such news trading will attract many inexperienced traders who do not look at the market cap and continue to rush in to short, potentially betting on retail funds entering to teach latecomers a lesson.

Additionally, after Alpaca's surge, many 'short' groups appeared in the market, resulting in ALPACA's rates showing a relatively high negative rate recently.

In response, Binance also adjusted the contract fee settlement frequency for this token from every four hours to every two hours, and other exchanges also adjusted the contract fee for this token, thereby increasing the cost pressure on short traders.

According to Coinglass data, Alpaca's liquidation amount in the past 24 hours reached 16.23 million USD, with the liquidation amount of short positions reaching 13.59 million USD.