In the world of cryptocurrency, thrilling stories unfold every day. But recently, ALPACA's drama can definitely be called the 'annual blockbuster'! From the delisting announcement to the $3 billion bloodbath, the operations behind it are simply astonishing, and those who see through it can only shake their heads and smile bitterly.
The beginning of the matter seemed unremarkable. Binance suddenly announced it would delist ALPACA, a digital currency viewed by many as a 'scam coin'. As soon as the news broke, the market was in an uproar, and investors believed ALPACA's good days were over. However, just when everyone thought it was about to plunge into the abyss, ALPACA suddenly surged against the trend, skyrocketing by 150% in just a few hours! Short sellers were stunned: it was about to be delisted, who would still dare to buy? Wasn't this self-sabotage?
But even more outrageous events followed. On April 25, ALPACA's increase reached an astonishing 175%, only to then plummet instantly. Just when everyone thought this was a 'dead cat bounce' and rushed to short, Binance quietly adjusted the funding fee rate algorithm, changing it from every 4 hours to every 2 hours, and finally to every hour. At that time, short sellers were secretly pleased, thinking it was a good opportunity to scoop up bargains. Little did they know, this was merely a trap set by the manipulators!
By April 29, the funding fee rate skyrocketed to 4% per hour! This meant that short sellers had to pay up to 4% in fees every hour; even if they didn't get liquidated, they would be drained dry. On April 30, ALPACA soared to its historical highest price, and the liquidation volume within 4 hours reached a new high across the network! The 24-hour trading volume hit $3 billion, and behind this was $110 million worth of chips being cleared.
Even more shocking is that the project party had already cleared out and fled by the time the delisting announcement was made! Market makers began dumping as soon as the announcement was released, and now 90% of the chips in the market are concentrated in the hands of a mysterious big player. This 'big player' could very well be the manipulators in disguise! They didn't even need to sell their coins; as long as they pushed the price up, the short sellers would be forced to liquidate their positions due to margin calls.
This operation can be described as a 'textbook' harvest: first, create panic with the delisting announcement, then lure short sellers in with a price rally, next, use the funding fee as a noose, and finally, wait for the liquidation feast. Originally, clearing out scam coins was a righteous act by the exchange, but it was turned into a precise harvesting machine by the manipulators. Scam coins instantly became ATMs, and all of this relied not on so-called 'fundamentals', but entirely on the manipulators' tricks!
This incident has sounded the alarm for us: short selling has never been a shortcut to easy money! Long positions may lose their principal, but short positions can lead to complete financial ruin. When the rules are arbitrarily altered by the manipulators, even experienced traders can hardly escape disaster. This is not a surge; it is clearly a meticulously designed slaughterhouse!
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