Alpaca Finance’s ALPACA price is up 422% in less than eight hours today, jumping from $0.181 to $0.950. To everybody’s surprise, this altcoin suddenly dropped 92% on Tuesday, leading to speculation that another crypto ‘cabal’ or holders were offloading their tokens simultaneously.
Why is ALPACA Price Up 422%?
Alpaca Finance’s website claims it is the “largest lending protocol allowing leveraged yield farming on BNB Chain and Fantom.” However, the token dropped more than 92% in a single four-hour candlestick on April 29. In an interesting turn of events, the ALPACA price is up 422% in just seven hours, climbing from $0.181 to $0.950. This sudden rally has caught investors off guard.
ALPACA/USDT Chart
Due to the sudden collapse, many compared Alpaca’s altcoin condition to that of OM, another cryptocurrency that suddenly dropped more than 90% a few weeks ago. Even before this announcement, Binance announced plans to delist ALPACA.
Many crypto KOLs and investors speculate that the 422% rally is mainly due to the Binance delisting, which will take place on May 2.
ALPACA/USDT 1-hour chart
Alpaca’s 90% Crash and 422% Rally Timeline
Here’s the exact timeline of events surrounding Alpaca Finance’s ALPACA token’s 90% crash and 422% rally.
April 24 – Binance Announces Delisting Plans.
Binance announces on April 30 plans to delist 4 tokens, including Alpaca.
This caused a short-term, volatile movement that crashed ALPACA price by 52% on the same day.
The same day, this altcoin soared 171% and set a high of $0.105.
April 25 – Accelerated Settlement Induces Long-Short Competition
Due to the delisting announcement, competition between bulls and bears erupted, pushing the ALPACA token to clock in 245% gain on April 25.
April 26 – ALPACA Price Doubles Anticipating Delisting
The April 25th rally continues, pushing Alpaca Finance’s token to double in value from $0.155 to $0.347.
April 27 – 29 – Sustained Downtrend
For the next three days, the ALPACA token continued its downtrend despite attempts from buyers to sustain the uptrend.
On April 29, Binance announced adjustment to funding rate due to the massive rally and crashes. i.e., Binance raised the funding rate cap to ±4%.
April 30 – Today
Today ALPACA price shot up 422% from a low of $0.181 to $0.950.
The post Why is ALPACA Price Up 422% in Less Than 8 Hours? appeared first on CoinGape.
