The most surreal plot in the crypto world these days is none other than the 'Alpaca Coin' ALPACA — this small coin, which is about to be delisted by Binance, has surprisingly leveraged a trading volume of over 10 billion with a circulating market value of only 30 million. On April 24, Binance announced in a statement that they would delist ALPACA on May 2 — this small coin, which is about to be delisted by Binance, has surprisingly leveraged a trading volume of over 10 billion with a circulating market value of only 30 million. Since Binance's announcement on April 24, which is essentially a death sentence for the project, guess what happened? It initially dropped symbolically by 30%, then surged 12 times in three days, with the price jumping from $0.029 to $0.3477, turning the contract market into a large slaughterhouse.
The craziest part is that in the middle of the game, the rules were changed, raising the funding rate cap to be settled every hour. This is great for short sellers, who are practically giving money to the long side — opening a 1x short position can lose 48% of the principal in a day due to the cost of holding. But even with such ridiculous rules, there were still hard-headed people desperately shorting; guess what happened next? Some well-known signal providers along with their fans collectively faced liquidation of millions of dollars, this script is even more thrilling than Hollywood.
When Binance raised the funding rate cap to ±4% again on April 29, logically, shouldn't the shorts be completely done for? Instead, $ALPACA started to plummet dramatically, crashing from $0.27 all the way down to $0.067. This reverse operation left the old leeks bewildered — good news and bad news became completely ineffective, and the market entered a phase of mysticism. Up to now, it has been pulled up 14 times, with the price peaking at 1.2.
Looking back now, $ALPACA is simply an enhanced version of a MEME: treating negative news of delisting as positive for speculation, low circulating market value makes it easy to control, plus the natural MEME image of alpacas, along with the K-line that changes every hour, perfectly illustrates what it means to say 'black red is still red.' But retail investors involved in this are in for a tough time; this is not trading coins at all, it's clearly dancing in a meat grinder.
The most ironic thing is that there are still people who think this blatant scheme of cutting leeks is an opportunity for sudden wealth. I would say that those signal providers and project parties are probably counting money backstage, after all, 'The rich return the money as it is, while the leeks split the earnings seven to three' is a routine that never goes out of style in the crypto world. Now that $ALPACA has not officially been delisted yet, it seems there will be a few more good shows.
Yesterday, I also took a short position with community partners. Fortunately, I pulled out in time and secured a 10x short, otherwise, it would have turned into fuel for the oak square.
However, ordinary players should not join the frenzy; the ones who survive the longest in such markets are always the smart ones who know when to hold back. Remember, when you feel that 'the opportunity has come', the operators have already sharpened their sickles.
Be cautious of experts who pull the plug; positions cannot be closed.
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