$alpaca, let's review the alpaca, which has great utility! There will definitely be a second and third alpaca in the future...

The alpaca itself is a shell project valued at several million dollars, with no trading volume, no fundamentals, and no hot topics; it can be said to be barely alive, with no way out, until the name of the alpaca appeared on the delisting notice, giving the speculators their last chance.

Phase One: Due to the delisting notice, a large amount of capital poured in to short the asset. With enough short sellers to take on the opposing positions, the speculators were able to open a large number of long contracts at low prices.

Phase Two: As the open interest on contracts far exceeded the market value of the spot, combined with the strong correlation between contracts and spot prices, the speculators could push up the spot price at a very low cost, driving the contract prices up.

Phase Three: With the spot being pushed up, a price difference emerged between the spot and the contracts. Utilizing the exchange's funding rate mechanism, the short sellers were gradually disarmed, leading to forced liquidations, which further pushed up the prices due to the short squeeze effect.

Phase Four: Taking advantage of human weaknesses, the speculators continually crashed the market to force liquidations and entice shorts to enter, followed by another round of price increases.

Phase Five: The day before the delisting, the speculators crashed the market with massive spot sell-offs, causing an 80% price drop, creating the illusion that the speculators were about to flee, leading many long positions to liquidate and allowing short sellers to reignite their hopes of entering the market again, subsequently building a large number of long positions at the bottom.

Phase Six: By utilizing the automatic liquidation mechanism during the delisting, the speculators' long positions could be automatically settled at the time of delivery without worrying about the liquidity of closing longs, equivalent to infinite liquidity for closing positions. Thus, the speculators initiated the final wave of insane price increases, with prices soaring and breaking historical highs, leaving the short sellers, including those who had profited from short selling the day before, in ruins.

Many people will never understand why a coin set for delisting can surge dozens of times in a short period, while still attempting to short it down to zero before delisting, resulting in continuous top-tapping and shorting attempts, ultimately leading to repeated liquidations, leaving them confused until the end of the delisting.

In summary, this time the speculators perfectly harvested the weaknesses of human nature and the general public's lack of understanding of trading mechanisms, resulting in devastation under the sickle! What we ordinary retail investors can do is to stay away when we can't understand what's happening as the sickle swings down.