Alpaca Finance (ALPACA), one of the most talked about altcoins of recent days with the rise it experienced after Binance’s delisting announcement, experienced a big jump in the last 24 hours.
Alpaca Finance, which claims to be “the largest lending protocol that allows leveraged yield farming on BNB Chain and Fantom,” jumped from $0.181 to $0.950, up 422% 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.
*This is not investment advice.
