The factors behind the imminent delisting of ALPACA (64145822583) and the surge in price:

Speculative frenzy triggered by Binance's delisting announcement: Binance will delist ALPACA on May 2, leading to a drastic market reaction. ALPACA dropped to $0.03 yesterday, then surged over 200%, reaching $0.223 today, with a 350% increase in 24-hour trading volume (approximately 12 million tokens).

The delisting news caused a sell-off, and market makers or speculators may take advantage of ALPACA's low market cap characteristics to drive up prices, attracting retail FOMO sentiment. High leverage and contract squeeze effect: ALPACA's contract open interest once reached $40 million, far exceeding its market cap, indicating active high-leverage trading. The perpetual contract funding rate soared to -2% per hour (annualized 48%), placing immense pressure on short positions, which has recently adjusted to -0.59%, indicating that shorts are being liquidated.

Squeeze push: The price broke through key resistance levels, triggering short stop-loss orders, further amplifying the price increase. The ALPACA project team previously announced a temporary increase in token issuance to meet trading demands but later canceled the plan, which was seen as a “drift maneuver” to induce shorts and push up prices.

Personal speculation from Lao Te: The project team may collaborate with market makers to pump the price, or even plan to exit through a “shell sell,” stimulating a price increase in the short term. Technical aspects and market sentiment: Technically, ALPACA broke through the $0.1512 resistance level, with a 14-day RSI of 60.18, indicating it is not overheated, and showing strong bullish momentum in the short term.

Many people believe that ALPACA currently presents a “short-term long opportunity,” but warn that the approaching delisting may lead to a sharp drop, and one should be cautious of a “super top” or “Mario-style crash.”

Note: The May 2 delisting is a major risk point. Spot trading can wait for a pullback to enter, while contract trading should focus on long positions with low leverage, both needing to exit by April 30.