$ALPACA
What's Happening to the Altcoin That Binance Delisted? First Dump Then Pump! "What's the Reason for the 400 Percent Increase?

Alpaca Finance, one of the altcoins delisted by Binance, jumped from $0.181 to $0.950, rising 422 percent in less than eight hours

While the huge leap experienced by ALPACA surprised everyone, the price suddenly dropped by 92% yesterday.

Many cryptocurrency experts and investors believe that the 422% rally was mainly due to Binance’s upcoming delist event on May 2.

This rise caught investors who were expecting a crash with the delist announcement off guard. Investors who opened short positions were squeezed when prices rose and had to buy back despite the losses; this fed the bullish cycle.

Additionally, the Alpaca Finance team has cancelled plans to issue more ALPACA tokens following backlash from the community and announced that the 214th weekly buyback and burn has been completed, removing 188,888 ALPACA (approximately $41,500) from circulation.

This rally also liquidated short positions. According to Coinglass data, ALPACA futures liquidation volume surpassed Bitcoin.

ALPACA perpetual futures recorded $46.64 million in liquidation volume over the last 24 hours, surpassing the $43.32 million volume in Bitcoin (BTC).

In the last hour, ALPACA liquidations reached $5.6 million, while BTC liquidations totaled $2.39 million. The largest liquidation occurred on Bybit in the ALPACA/USDT pair.

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